11
See all 11 photos
$3,800,000
Est. payment /mo
24 BD
24 BA
9,996 SqFt
New
6716 Sylmar AVE Van Nuys, CA 91405
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UPDATED:
02/20/2025 11:32 PM
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 9,996 sqft
Price per Sqft $380
MLS Listing ID 25501183
Bedrooms 24
HOA Y/N No
Year Built 1984
Lot Size 10,781 Sqft
Property Description
We are pleased to present for sale the 12-unit multifamily property located at 6716 Sylmar Avenue in Van Nuys, California. Built in 1984, the property is not subject to LA Rent Control (RSO) and is governed only by AB 1482, allowing for annual rent increases of 5% + CPI (maximum of 10 percent).The property features 12 two-bedroom, two-bathroom units, each approximately 833 square feet, with easy-to-manage family tenants in nearly all units. The property has a gated and controlled entrance, 24 total parking spaces (12 tandem), central heating and air, an onsite laundry room with two washers and two dryers (machines are leased), and 12 large storage closets. Importantly, the tuck under parking is exempt from the city's mandatory seismic retrofit program because the property was built in the 1980s.With an estimated 14% rent upside compared to market rents, this property presents a prime opportunity to acquire a well-located asset in a rapidly improving area with strong value-add potential. Additional upside can be realized by achieving the maximum Section 8 rent of $2,952 per month for two-bedroom units in the 91405 ZIP code (Tier 3 of the Section 8 payment standards). Thoughtfully maintained by the current ownership for over 20 years, recent improvements include a GE Enduris silicone-coated roof, repaired copper plumbing, and replaced air conditioners and heaters in select units. The property's strategic location in a budding pocket of Van Nuys benefits greatly from nearby new construction and proximity to key amenities. With no seismic retrofitting required and a significant rental upside, this investment presents a compelling opportunity for investors looking to capitalize on value-add potential and steady tenant demand.
Location
State CA
County Los Angeles
Zoning LAR3
Interior
Heating Central
Cooling Central Air
Fireplace No
Laundry Common Area
Exterior
Parking Features Garage, Tandem
Community Features Gated
Total Parking Spaces 24
Building
Story 2
Entry Level Multi/Split
Foundation Slab
Level or Stories Multi/Split
New Construction No
Others
Senior Community No
Tax ID 2237003043
Security Features Gated Community
Special Listing Condition Standard
Listed by Filip Niculete • Marcus & Millichap