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$7,650,000
Est. payment /mo
28,285 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 28,285 sqft
Price per Sqft $270
MLS Listing ID CL26677175
HOA Y/N No
Year Built 1985
Lot Size 0.549 Acres
Acres 0.5492
Property Sub-Type Other
Property Description
Because the property was constructed in 1985, it is not subject to restrictive Los Angeles rent control. Instead, an owner is allowed to implement higher annual rent increases under California AB 1482. This could allow the investment's income to maintain pace with future rent growth, ensuring that the asset's cash flow is maximized. Available at an already attractive 6.17% current CAP Rate and 9.93 GRM, the property offers income growth through both rent upside and expansion of the existing RUBS collections. The building's excellent unit mix, consisting primarily of two- bedroom apartments, coupled with amenities such as central air/heat, stainless steel appliances, and ample garage parking, makes it a desirable asset for tenants and landlords alike. The building is not on the Los Angeles Department of Building and Safety's seismic retrofit list (Buyer to verify), allowing an investor to avoid an otherwise burdensome capital expense. The on- site garage parking area can accommodate 48 vehicles, while street parking is more readily available because the building is surrounded primarily by single-family residences. Located on a large corner lot along one of the San Fernando Valley's major streets, the property provides excellent visibility when attracting prospective tenants. Residents enjoy convenient access to the 210 Freeway, as well as numerous public transportation depots in the immediate area. The upcoming East San Fernando Valley Light Rail Transit Project is planned to start in Sylmar and extend the entire distance south to the Metro Orange Line, connecting the neighborhood to the majority of the Los Angeles metro area.
Location
State CA
County Los Angeles
Zoning LARD1.5
Interior
Fireplace No
Building
New Construction No
Others
Tax ID 2513026028
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Listed by Roderick 'Rick' Raymundo • Marcus & Millichap
NEARBY SCHOOL & BUSINESS
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Parisa Samimi
Founder & Real Estate Broker | License ID: 01858122
Founder & Real Estate Broker License ID: 01858122