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Multifamily

8407 Cedros Ave

8407 Cedros Ave, Panorama City, CA 91402

Listing Price: $2,715,000

Cap Rate
3.60%
Number of Units
16
Price/Unit
$169,688
Price/Gross SF
$377.71
Gross SF
7,188

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.

Investment Highlights

  • Attractively Priced at Only $169,688 per Unit, One of the Best Values in the Entire San Fernando Valley
  • One Block from Panorama Mall -- Currently in Plans for 4.5 Million Square Foot Redevelopment Featuring Retail, Restaurant, and Entertainment Space
  • Assumable Financing Available at a 3.14% Interest Rate
  • Full Copper Plumbing
  • Excellent Repositioning Opportunity -- Existing Rents Approximately 50% Below Market Rates
  • Two Blocks from Upcoming Metro Station for Brand New Light Rail Transit Project
  • Additional Revenue Generated via On-Site Laundry Facilities
  • Strong Influx of Development Capital Flowing into Panorama City Area

Exclusively Listed By

Multifamily

8407 Cedros Ave

Listing Price: $2,715,000

Cap Rate
3.60%
Number of Units
16
Price/Unit
$169,688
Price/Gross SF
$377.71
Gross SF
7,188

Investment Highlights

  • Attractively Priced at Only $169,688 per Unit, One of the Best Values in the Entire San Fernando Valley
  • One Block from Panorama Mall -- Currently in Plans for 4.5 Million Square Foot Redevelopment Featuring Retail, Restaurant, and Entertainment Space
  • Assumable Financing Available at a 3.14% Interest Rate
  • Full Copper Plumbing
  • Excellent Repositioning Opportunity -- Existing Rents Approximately 50% Below Market Rates
  • Two Blocks from Upcoming Metro Station for Brand New Light Rail Transit Project
  • Additional Revenue Generated via On-Site Laundry Facilities
  • Strong Influx of Development Capital Flowing into Panorama City Area

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.

Exclusively Listed By

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