Residential Income Details
We are pleased to present a 5 unit apartment building located in Panorama City. The well-kept garden style building has great curb appeal and each unit has been remodeled with wood or wood laminate floors. Based on increasing rental rates in the area, the property has great upside and represents a major value-add and easy re-positioning opportunity. By simply turning over units and renovating them, a savvy investor can achieve market rents of $1,550 for one bedrooms and $1,800 for two bedrooms. This equates to 47% of potential rental upside. The offering consists of a 5 unit building with an attractive unit mix consisting of 4: 1 Bed + 1 Bath and 1: 2 Bed + 1 Bath. The building has a pitched roof and 5 covered parking spaces. Each unit has its own gas water heater, and tenants pay for their own gas and electricity. The property is situated on a 9,153 sq. ft. corner lot and has immense redevelopment potential, with the ability to build up to 17 new units.
|Number of Units||5|
|Status||Active Under Contract|
|Listing Brokerage||Marcus & Millichap|
|Listing Agent||Jon Emrani|
|Listing Agent BRE #||01427038|
Based on information from California Regional Multiple Listing Service, Inc. as of Thursday, October 4, 2018.
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