Address
6711 Haskell Avenue Van Nuys, CA
Price
$ 3,400,000
Property Attributes
  • MLS#21102625
  • TypeIncome
  • CountyLOS ANGELES
  • CityVan Nuys
  • AreaLake Balboa
  • Zip91406
  • Style
  • Price$ 3,400,000
  • Bedrooms17
  • Full Bathrooms16
  • Half Bathrooms0
  • Sqr Footage10990
  • Lot Size12,718 SqFt
Listing Provided Courtesy Of:
Neema Ahadian with Marcus & Millichap - 310-909-5444
Data Source:
California Regional MLS (CRMLS) - 25 - CA
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

Price History
11/5/2021 Listed $3,400,000

General Features

Appliances Refrigerator
Heating Natural Gas
Listing Agent Neema Ahadian - BRE#01346750
Listing Agent State License 01346750
Lot Size Square Feet 12718
MLS Area LKBL - Lake Balboa
Property Type Residential Income
Senior Community Y/N No
Special Listing Conditions Standard
Status Active
Total Units 15
Zoning LARD1.5

Interior Features

Heating Y/N Yes

Exterior Features

Lot Size Acres 0.29
Lot Size Area 12718
Lot Size Units Square Feet
Number of Buildings 1
Parking Features Covered

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Income Average in 91406

Price
AVG $2.07M
$3.4M
Visits
AVG 14
6
Year Built
AVG 1961
1962
Walkscore
AVG 58
53
Data Provided by Walkscore ® not using MLS data

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