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Available to purchase for just $158,214 per unit, this represents one of the best values in the entire San Fernando Valley, offering an investor an inexpensive entry point into the sought-after Valley multifamily market. With current rents below market, a new owner can increase income dramatically while recapturing the approximately 59% in rent upside. The current owner has already completed all seismic retrofit repairs (Buyer to verify), allowing a new investor to benefit from both the $230,000 in brand new seismic upgrades as well as the monthly tenant surcharges that can be collected for the next five years. Much of the plumbing has been upgraded to copper pipes by the current owner as well. The property is set to benefit from several large projects in the development pipeline within Panorama City. On a 17-acre site just blocks from Brimfield Avenue, a potential 4.5-million square foot mixed-use campus is slated for the site of the existing Panorama Mall. Dubbed Panorama City Center, the project would include 125,000 square feet of retail space, 70,000 square feet of restaurant space, 90,000 square feet of entertainment space, and 146,000 square feet of open space. Perhaps the most noteworthy development project in the area is the upcoming East San Fernando Valley Light Rail Line, which will connect 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 the Van Nuys Metrolink and the Roscoe Boulevard stations only blocks away from tenants at 7910 Brimfield Avenue. In addition to boosting commerce in the immediate area, it will also provide the benefit of more convenient transportation for the property's tenants.
Property Type(s):
Residential Income
| Last Updated | 11/6/2024 | Year Built | 1956 |
|---|---|---|---|
| Community | Panorama City | County | Los Angeles |
Additional Details
| AREA | Panorama City |
|---|---|
| GARAGE | Assigned |
| LOT | 0.25 acre(s) |
| PARKING | Assigned |
| STORIES | 2 |
| ZONING | LAR3 |
Location
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Listed with Marcus & Millichap
The information being provided by Conejo Simi Moorpark Association of REALTORS® (“CSMAR”) is for the visitor's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. Any information relating to a property referenced on this web site comes from the Internet Data Exchange (“IDX”) program of CSMAR. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. Any information relating to a property, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. The data contained herein is copyrighted by CSMAR and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
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