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Key Details
Sold Price $3,300,000
Property Type Condo
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
MLS Listing ID SR24163292
Sold Date 11/26/24
HOA Y/N No
Year Built 1953
Lot Size 0.840 Acres
Property Description
These three adjacent properties on Willis Avenue in Panorama City have incredible potential. First, there is tremendous upside in rents with a projected 7.37 GRM and approximately a 10% cap rate based on market rents. Additionally, at $141,500 per unit, this is well below comparable sales given the sheer upside in rents. In addition, the property sits on 36,600 square feet of R3 zoned land with a Tier 3 TOC (70% bonus) allowing for up to 78 units to be developed.
Location
State CA
County Los Angeles
Area Pc - Panorama City
Zoning LAR3
Interior
Fireplace No
Laundry None
Exterior
Garage Assigned
Pool None
Community Features Curbs, Storm Drain(s), Street Lights, Sidewalks, Urban
Total Parking Spaces 40
Private Pool No
Building
Lot Description Landscaped, Rectangular Lot
Story 1
Entry Level One
Sewer Public Sewer
Water Public
Level or Stories One
New Construction No
Others
Senior Community No
Tax ID 2210021032
Energy Description 1000.0
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Financing Cash to New Loan
Special Listing Condition Standard
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Bought with Adam Feldman • Matthews Real Estate Investment Services
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