$1,125,000
$1,159,000
2.9%For more information regarding the value of a property, please contact us for a free consultation.
6901 Woodman Ave Van Nuys, CA 91405
8 Beds
4 Baths
3,120 SqFt
Key Details
Sold Price $1,125,000
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 3,120 sqft
Price per Sqft $360
MLS Listing ID 24-377985
Sold Date 06/21/24
Bedrooms 8
Year Built 1953
Lot Size 10,005 Sqft
Acres 0.2298
Property Description
Consisting entirely of two-bedroom apartments, the property may be repositioned by a new investor to recapture the approximately 62% in rent upside. Under the same family ownership for the past 60 years, the asset presents an opportunity to either upgrade the existing structures or potentially redevelop the parcel, given its LAR3 zoning, Tier 1 TOC status, and ED1 eligibility. Situated near the corner of Vanowen Street and Woodman Avenue, tenants at the property will soon be within a short distance of the upcoming East San Fernando Valley Light Rail line, with a new station planned for the corner of Vanowen Street and Van Nuys Boulevard. In addition to providing quick transport within the Valley, this light rail line will offer residents convenient connections to both the Metrolink train and the Metro Orange and Red Lines. The city of Van Nuys and the Northeast San Fernando Valley posted a vacancy rate of less than three percent in the second quarter of 2023. Aside from the dense New York City boroughs, this vacancy rate sits among to lowest in the entire country among submarkets that contain at least 60,000 units. With relatively few new residential projects slated for the next two years, it is expected that these strong occupancy rates will remain, to the benefit of local landlords.
Location
State CA
County Los Angeles
Area East Van Nuys
Zoning LAR3
Rooms
Other Rooms None
Interior
Heating Other
Cooling Other
Equipment None
Exterior
Garage Assigned
Garage Spaces 6.0
Building
Story 1
Level or Stories One
Others
Special Listing Condition Standard
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Bought with Marcus & Millichap
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Broker | License ID: DRE#01976964