$5,300,000 Price Analysis   ♡   Panorama City, CA 91402 42 bed 40 bath 20,829 SqFt ($254/SqFt) 0.53 acre lot. Built 1964 Listed 2024-05-20, Taxes $50,848 | Ⓧ USDA Ineligible due to price & location near Los Angeles |
HUGE PRICE REDUCTION VACANT 2+2 UNIT LEASED AT $2
550 IN-PLACE 6.31% CAP RATE, 10.18 GRM 18 (2+2) 2 (3+2) units in Panorama City. Property is located in Panorama City, the next multifamily hotspot. There are big changes going on near Panorama City and North Hills. Primestor and the city are planning a major development called the Panorama City Center . This massive development will offer over 5 million square feet of multi-family, retail, restaurants, entertainment, fitness, office and medical. Basically, a walking city. This adds to other current and future huge developments being planned in the area. Izek Shomof has already converted the Panorama Tower, previously an office building, into 194 luxury residential apartments and due it's success, is now planning on building another 200 apartments w/ retail right next door.
We believe these major investments are due to the upcoming Light Rail Transit Line on Van Nuys Blvd. Transit Lines have been proven to change neighborhoods, sometimes increasing rents 25-67%. Large developers know this and build accordingly. These transformative large developments further change the neighborhoods. Nearby property owners receive the benefits. Call us, we can help you profit from this. The Next Multifamily Hotspot echoing the Success of North Hollywood and Korea Town | Less than 1/2 mile from the coming Van Nuys Light Rail, Brand new public transit stops drive up nearby rental prices 25% - 60% | 1/2 a mile to the Future Panorama City Center, a 5, 000, 000 Sq Ft Transportation Oriented Development sure to Transform the Neighborhood | New Developments Change Neighborhoods, Additional Signficant Developments are Planned in the Area by Major Developers | 80% 2 Bedroom 2 Bath, 20% 3 Bedroom 2 Bath | All units have nice kitchens, kitchen cabinets, flooring and bathrooms | Potential to add an ADU without losing parking (Buyer to confirm) | Contact us for an OM.
Presented by Kelly Morgan at
KW Advisors.
Property MLS #23-331875 from TheMLSCLAW
Full Bathrooms: 40
Heating Features: Wall
Lot Size Source: Assessor
Lot Size Square Feet: 23133
Parking Total: 20
Calculated Total Monthly Association Fees: 0
Number of Units: 20
Unit Features: 1 BedsTotal: 2, 1 BathsTotal: 2, 1 SquareFeet: 44100, 2 BedsTotal: 3, 2 BathsTotal: 2, 2 SquareFeet: 5790
County: Los Angeles
Cap Rate: 6.31
Directions: West of Van Nuys Blvd., South of Nordhoff St, North of Parthenia St, East of Willis Ave
Source Property Type: Residential Income
Area: Panorama City
Source Neighborhood: Panorama City
Parcel Number: 2651-011-030
Postal Code Plus 4: 2048
Zoning: LAR3
Source System Name: C2C
| Year | Assessments Building + Land Total | Tax |
|---|---|---|
| 2022 | $1,997,238 + $2,102,356 $4,099,594 | $50,848 |
| 2021 | $1,958,077 + $2,061,134 $4,019,211 | $50,144 |
| 2020 | $1,938,000 + $2,040,000 $3,978,000 | $50,632 |
| 2019 | $673,225 + $513,417 $1,186,642 | $32,453 |
| 2018 | $660,025 + $503,350 $1,163,375 | $16,351 |
| 2017 | $1,332,120 + $1,997,160 $3,329,280 | $42,107 |
| 2016 | $634,397 + $483,805 $1,118,202 | $15,403 |
| 2015 | $624,868 + $476,538 $1,101,406 | $15,205 |
| 2014 | $612,628 + $467,204 $1,079,832 | $15,389 |
| 2013 | $609,860 + $465,093 $1,074,953 | $15,391 |
| 2012 | $597,902 + $455,974 $1,053,876 | $15,596 |
| 2010 | $586,179 + $447,034 $1,033,213 | $15,386 |
| 2009 | $583,182 + $444,748 $1,027,930 | $14,847 |
| 2009 | $581,799 + $443,693 $1,025,492 | $14,847 |
| 2008 | $571,748 + $436,028 $1,007,776 | $14,294 |
| 2007 | $634,644 + $1,560,600 $2,195,244 | $27,856 |
$5,300,000
TheMLSCLAW
Listing removed 2023-07-11
$0
TheMLSCLAW
Price Changed 2023-05-26
$4,995,000
TheMLSCLAW
Listed 2023-04-06
$4,999,000
TheMLSCLAW
Listing removed 2022-09-09
$0
TheMLSCLAW
Listed 2022-07-26
$5,900,000
TheMLSCLAW
Sold 2019-04-26
$3,900,000
CRMLS
Price Changed 2018-11-27
$3,995,000
CRMLS
Listed 2018-10-25
$4,195,000
CRMLS
Sold 2007-08-17
$2,600,000
ITECH
Listed 2007-06-12
$2,585,000
ITECH
Sold 2005-06-24
$2,109,520
Public Record
Sold 1996-12-27
$520,000
Public Record
Year Built: 1964
Levels: Two Level
Living Area Source: Assessor
Property Age: 60
Levels or Stories: 2
Building Total Stories: 2
Year Built Source: Assessor
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The property loan eligibility may be subject to additional requirements beyond geographical location including but not limited to the condition of the property. Speak with a real estate professional to find out more about the eligibility of a specific property.