6901 Woodman Avenue, Van Nuys, CA 91405
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Listed Price :
$1,159,000
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Beds :
N/A
-
Baths :
N/A
-
Property Size :
N/A sqft
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Year Built :
1953
Property Description
Consisting entirely of two-bedroom apartments, the property may be repositioned by a new investor to recapture the approximately 62% in rent upside. Under the same family ownership for the past 60 years, the asset presents an opportunity to either upgrade the existing structures or potentially redevelop the parcel, given its LAR3 zoning, Tier 1 TOC status, and ED1 eligibility. Situated near the corner of Vanowen Street and Woodman Avenue, tenants at the property will soon be within a short distance of the upcoming East San Fernando Valley Light Rail line, with a new station planned for the corner of Vanowen Street and Van Nuys Boulevard. In addition to providing quick transport within the Valley, this light rail line will offer residents convenient connections to both the Metrolink train and the Metro Orange and Red Lines. The city of Van Nuys and the Northeast San Fernando Valley posted a vacancy rate of less than three percent in the second quarter of 2023. Aside from the dense New York City boroughs, this vacancy rate sits among to lowest in the entire country among submarkets that contain at least 60,000 units. With relatively few new residential projects slated for the next two years, it is expected that these strong occupancy rates will remain, to the benefit of local landlords.
Interior Features
| Bedroom Information |
| Bedrooms |
N/A |
| Bathroom Information |
| Bathrooms |
N/A |
Listing Information
| Address |
6901 Woodman Avenue |
| City |
Van Nuys |
| State |
CA |
| Zip |
91405 |
| County |
Los Angeles |
| Listing Agent |
Roderick 'Rick' Raymundo DRE #01357019 |
| Courtesy Of |
Marcus & Millichap |
| List Price |
$1,159,000 |
| Status |
Hidden |
| Type |
Residential Income |
| Structure Size |
N/A |
| Lot Size |
10,005 |
| Year Built |
1953 |
Listing information courtesy of: Roderick 'Rick' Raymundo, Marcus & Millichap. *Based on information from the Association of REALTORS/Multiple Listing as of Apr 16th, 2024 at 6:36 AM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
