Investment Overview

Marcus & Millichap is pleased to announce the opportunity to purchase 8407 Cedros Avenue, a 16-unit multifamily property located near the intersection of Van Nuys Boulevard and Roscoe Boulevard in Panorama City, CA. Set to benefit immensely from its position in the path of development, the property sits only one block from the planned 4.5 million square foot mixed-use development slated for the site of the existing Panorama Mall. Included in the proposal are 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. That project intends to capitalize on the upcoming East San Fernando Valley Light Rail Line, which will include a Metro stop just two blocks from 8407 Cedros Avenue. Perhaps the most noteworthy development project currently in the San Fernando Valley, the light rail line 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 a station planned just two blocks from 8407 Cedros 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. With current rents approximately 50% below market rates, a new owner can capitalize on this rent upside to create increasing cash flow even before the neighborhood improves with the pending development projects. The building already features full copper plumbing, allowing an investor to enter the Los Angeles market at an attractively low $169,688 per unit with reduced maintenance costs. The existing loan may be assumable, allowing an investor to benefit from the low 3.14% interest rate as well. An additional revenue stream is provided by the on-site laundry facilities.