$3,150,000 Price Analysis   ♡   Panorama City, CA 91402 26 bed 23 bath 15,621 SqFt ($201/SqFt) 0.42 acre lot. Built 1966 Listed 2024-05-04, Taxes $37,698 | Ⓧ USDA Ineligible due to price & location near Los Angeles |
The two story apartment consists of four 2 bedroom/ 2 bathroom units
* Has Contingent Offer *Three 2 bedroom/ 1 bathroom units and the remainder of twelve 1 bedroom/ 1 bathroom units. Some of the units include balconies. The roof has been newly updated and the soft story retrofit work has been completed. Additionally there are 19 parking spots. The building size is 15, 621 square feet that is built on a 18, 221 square foot lot. The zoning is LAR3 Tier 3 TOC. The investment opportunity is located in the vibrant and up and coming neighborhood of Panorama City. Located within blocks of the existing Panorama Mall, the future site of a planned 4.5 million square foot mixed use development site. Included in the propos al are 70, 000 square feet of restaurant space, 125, 000 square feet of retail space, 146, 000 square feet of open space and 90, 000 square feet of entertainment space.
7961 Willis Avenue is 0.7 mile 14 minute walk from the Metrolink Ventura County Line at the Van Nuys Metrolink Station stop.A noteworthy development project currently in the San Fernando Valley, the light rail line will connect the Metrolink Train Line inVan Nuys , the Metro Orange Line, the Metrolink Train Line in Van Nuys and the Metrolink Train Line in Sylmar/San Fernando.The majority of the new transit line will run along the median of Van Nuys Boulevard, with a station planned within blocks of the subject property. With current rents approximately 60% below market rates, a savy investor can capitalize on this rent upside to create increasing cash flow even before the neighborhood improves with the pending development projects. An additional revenue stream is provided by the on-site laundry facilities.
Presented by Meir Frydman at
KW Advisors.
Property MLS #24-388019 from TheMLSCLAW
Full Bathrooms: 23
Lot Size Source: Vendor Enhanced
Lot Size Square Feet: 18223
Calculated Total Monthly Association Fees: 0
Number of Units: 19
Unit Features: 1 BedsTotal: 1, 1 BathsTotal: 1, 1 SquareFeet: 1800, 2 BedsTotal: 2, 2 BathsTotal: 1, 2 SquareFeet: 2350, 3 BedsTotal: 2, 3 BathsTotal: 2, 3 SquareFeet: 2500
County: Los Angeles
Cap Rate: 4.86
Directions: The apartment complex is located at 7961 Willis Avenue in Panorama City CA, 91402. The building is located southwest of the intersection of Roscoe Blvd and Van Nuys Blvd.
Source Property Type: Residential Income
Area: Panorama City
Source Neighborhood: Panorama City
Parcel Number: 2209-040-019
Zoning: LAR3
Source System Name: C2C
| Year | Assessments Building + Land Total | Tax |
|---|---|---|
| 2022 | $1,132,528 + $1,642,167 $2,774,695 | $37,698 |
| 2021 | $1,155,845 + $1,734,323 $2,890,168 | $36,221 |
| 2020 | $1,143,994 + $1,716,540 $2,860,534 | $36,569 |
| 2019 | $314,282 + $74,482 $388,764 | $6,805 |
| 2018 | $308,120 + $73,022 $381,142 | $6,474 |
| 2017 | $302,079 + $71,591 $373,670 | $6,325 |
| 2016 | $296,156 + $70,188 $366,344 | $5,999 |
| 2015 | $291,708 + $69,134 $360,842 | $5,934 |
| 2014 | $285,994 + $67,780 $353,774 | $6,086 |
| 2013 | $284,702 + $67,474 $352,176 | $6,087 |
| 2012 | $279,120 + $66,151 $345,271 | $6,164 |
| 2010 | $273,648 + $64,854 $338,502 | $6,138 |
| 2009 | $272,249 + $64,523 $336,772 | $5,938 |
| 2009 | $271,603 + $64,370 $335,973 | $5,938 |
| 2008 | $266,911 + $63,258 $330,169 | $5,760 |
| 2007 | $261,678 + $62,018 $323,696 | $5,553 |
$3,150,000
TheMLSCLAW
Year Built: 1966
Levels: One Level
Living Area Source: Vendor Enhanced
Property Age: 58
Year Built Source: Vendor Enhanced
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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.