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6711 Haskell Avenue

Van Nuys, CA 91406
  • $3,400,000
  • STATUS: Active Under Contract
  • ON SITE: 26 Days
  • ID#: 21102625
Under Contract
UPDATED: 78 min ago
$3,400,000
  • 0
    BEDS
  • 0.29
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1962
County:

School Ratings & Info

Listing provided courtesy of Neema Ahadian of Marcus & Millichap

Description

A 10,990 SF, 15-unit value-add investment opportunity in Lake Balboa, Van Nuys. The subject property is just west of the 405 Freeway and is less than 1 mile from Valley Presbyterian Hospital. This ideal location is walking distance to many desirable destinations such as Woodley Park, 99 Ranch Market, Zankou Chicken, Costco, Ace Hardware, Target, and many others. The subject property features a desirable unit mix of three singles (500 SF), eight spacious one-bedrooms (750 SF), three two-bedrooms (900 -950 SF) and one three-bedroom (1,100 SF) with 14 gated parking spaces. The soft story retrofit work has been completed. This investment provides an investor the opportunity to acquire an asset with steady in-place cash flow at a 4.18% CAP rate on current income with substantial upside of over 39%. Favorable financing is available with a quoted 65% LTV at 3.25% interest rate with possible interest only options. The majority of the units are leased at below market rents with a loss-to-lease of 28%. Being a well-maintained building with little deferred maintenance, an investor will be able to capture the upside by focusing on their interior unit renovation program. The building has a gated front entrance and a courtyard for tenants. Additionally, the property has a community laundry room with washers and dryers, is separately metered for gas and electricity and have wall air conditioning in the units. Nestled in the heart of the San Fernando Valley, Van Nuys is densely populated and has a diverse community full of economic opportunity and growth. This evolving neighborhood offers shopping, restaurants, theme parks, and benefits from the employment of the movie industry. Located less than 20 miles away from LA's Westside, Hollywood, Downtown LA, and other popular neighborhoods in the Valley, residents living in Van Nuys can easily commute throughout the city. Cutting through the middle of the neighborhood is the 405 freeway (San Diego Freeway), but the community is also near the 101 (Ventura Freeway), 170 (Hollywood Freeway), 118 (Simi Valley Freeway), and the I-5 (Golden State Freeway). Residents living in this neighborhood can also skip

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Based on information from California Regional Multiple Listing Service, Inc. as of 2021-12-02T21:29:04.5. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or The Marelly Group | Sentry Residential. Licensed in the State of California, USA.
www.themarellygroup.com/homes/123081950
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6711 Haskell Avenue Van Nuys, CA 91406

  • Price: $3,400,000
  • Status: Active Under Contract
  • On Site: 26 Days
  • Updated: 78 min ago
  • ID#: 21102625
0
Beds
0
Baths
0
½ Baths
0.29
Acres
1962
Built
Neighborhood:
LKBL - Lake Balboa
County:
Los Angeles
Area:
LKBL - Lake Balboa
Property Description
A 10,990 SF, 15-unit value-add investment opportunity in Lake Balboa, Van Nuys. The subject property is just west of the 405 Freeway and is less than 1 mile from Valley Presbyterian Hospital. This ideal location is walking distance to many desirable destinations such as Woodley Park, 99 Ranch Market, Zankou Chicken, Costco, Ace Hardware, Target, and many others. The subject property features a desirable unit mix of three singles (500 SF), eight spacious one-bedrooms (750 SF), three two-bedrooms (900 -950 SF) and one three-bedroom (1,100 SF) with 14 gated parking spaces. The soft story retrofit work has been completed. This investment provides an investor the opportunity to acquire an asset with steady in-place cash flow at a 4.18% CAP rate on current income with substantial upside of over 39%. Favorable financing is available with a quoted 65% LTV at 3.25% interest rate with possible interest only options. The majority of the units are leased at below market rents with a loss-to-lease of 28%. Being a well-maintained building with little deferred maintenance, an investor will be able to capture the upside by focusing on their interior unit renovation program. The building has a gated front entrance and a courtyard for tenants. Additionally, the property has a community laundry room with washers and dryers, is separately metered for gas and electricity and have wall air conditioning in the units. Nestled in the heart of the San Fernando Valley, Van Nuys is densely populated and has a diverse community full of economic opportunity and growth. This evolving neighborhood offers shopping, restaurants, theme parks, and benefits from the employment of the movie industry. Located less than 20 miles away from LA's Westside, Hollywood, Downtown LA, and other popular neighborhoods in the Valley, residents living in Van Nuys can easily commute throughout the city. Cutting through the middle of the neighborhood is the 405 freeway (San Diego Freeway), but the community is also near the 101 (Ventura Freeway), 170 (Hollywood Freeway), 118 (Simi Valley Freeway), and the I-5 (Golden State Freeway). Residents living in this neighborhood can also skip
Exterior Features

Parking Features Covered Parking Total 0

Interior Features

Appliances Refrigerator Heating Natural Gas Heating YN Yes

Property Features

Association Fee 0 Gross Income 240540 Listing Agreement Seller Reserved Listing Service Full Service Net Operating Income 146585 New Construction YN No Senior Community YN No Special Listing Conditions Standard Vacancy Allowance Rate 0 Zoning Lard1.5



Based on information from California Regional Multiple Listing Service, Inc. as of 2021-12-02T21:29:04.5. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or The Marelly Group | Sentry Residential. Licensed in the State of California, USA.
 
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The Marelly Group | Sentry Residential
5256 South Mission Rd, Suite 1006
Bonsall CA, 92003
Listing provided courtesy of Neema Ahadian of Marcus & Millichap