Multifamily
Chateau W6600
6600 & 6616 Woodley Ave, Los Angeles, CA 91406
Listing Price: $15,750,000
Investment Overview
Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire Chateau W6600 (the "Property"), a 53-unit non-rent control multifamily community comprised of 68% 2-bedroom units located in Van Nuys.
Originally constructed in 1986 (not subject to City of LA RSO), and acquired from the developer in 2015, current ownership has completed partial upgrades on 46 of the units consisting of quartz countertops, new cabinets (in most units), stainless steel appliances, and vinyl plank flooring throughout. Investors will have the opportunity to fully renovate the 7 non-renovated units, capture the existing loss to lease of $272 (11.14%) on partially upgraded units, and further enhance the renovation scope of these units to capture an estimated total 14% increase on rental income. Additionally, the installation of in-unit washers and dryers can be explored to further augment the value of the asset.
The Property offers a desirable unit mix including (1) Studio, (16) 1 Bedroom/1 Bathroom, (4) 2 Bedroom/1 Bathroom and (32) 2 Bedroom/2 Bathroom units. Located in a desirable pocket of Van Nuys, the property has immediate access to the 405 & 101 freeways that put thousands of jobs, retail shopping, fine dining, and cultural destinations within a short drive. W6600 is also located adjacent to the Sepulveda Basin Recreation Area, the largest public open space in the San Fernando Valley, and just steps from the Metro G Line.
With it’s strategic enhancement opportunity, central San Fernando Valley location, and favorable submarket demand drivers, Chateau W6600 is well-positioned to deliver investors compelling returns and appreciation over the hold period.
Chateau W6600
Investment Highlights
- Stable Income Stream With Upside: Investors will have the opportunity to fully renovate the 7 non-renovated units, and capture the existing loss to lease of $272 (11.14%) on partially upgraded units.
- Surrounded by a Diverse Array of Amenities: Tenants can easily access a diverse array of retail, recreational amenities, restaurants, entertainment, golfing, and shopping within walking distance.
- Easy Access to Major Employment Centers: North Hollywood, Burbank, Glendale, Warner Center, West Hollywood, Hollywood, Downtown LA, and West LA are all accessible within 20-30 minutes.
- Strong Multifamily Fundamentals: In the Van Nuys submarket, market rents are projected to grow 3.28% annually over the next 5 years while average occupancy remains above 97.2%.
- Rising Home Value Costs Spurs Rental Demand: Van Nuys' median price for a single-family residence has grown to $900k. This represents a 45% increase over the past five years. As homeownership remains out of reach for most residents, demand for rental housing will remain strong.
Exclusively Listed By
Listing Price: $15,750,000
Investment Highlights
- Stable Income Stream With Upside: Investors will have the opportunity to fully renovate the 7 non-renovated units, and capture the existing loss to lease of $272 (11.14%) on partially upgraded units.
- Surrounded by a Diverse Array of Amenities: Tenants can easily access a diverse array of retail, recreational amenities, restaurants, entertainment, golfing, and shopping within walking distance.
- Easy Access to Major Employment Centers: North Hollywood, Burbank, Glendale, Warner Center, West Hollywood, Hollywood, Downtown LA, and West LA are all accessible within 20-30 minutes.
- Strong Multifamily Fundamentals: In the Van Nuys submarket, market rents are projected to grow 3.28% annually over the next 5 years while average occupancy remains above 97.2%.
- Rising Home Value Costs Spurs Rental Demand: Van Nuys' median price for a single-family residence has grown to $900k. This represents a 45% increase over the past five years. As homeownership remains out of reach for most residents, demand for rental housing will remain strong.
Investment Overview
Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire Chateau W6600 (the "Property"), a 53-unit non-rent control multifamily community comprised of 68% 2-bedroom units located in Van Nuys. Originally constructed in 1986 (not subject to City of LA RSO), and acquired from the developer in 2015, current ownership has completed partial upgrades on 46 of the units consisting of quartz countertops, new cabinets (in most units), stainless steel appliances, and vinyl plank flooring throughout. Investors will have the opportunity to fully renovate the 7 non-renovated units, capture the existing loss to lease of $272 (11.14%) on partially upgraded units, and further enhance the renovation scope of these units to capture an estimated total 14% increase on rental income. Additionally, the installation of in-unit washers and dryers can be explored to further augment the value of the asset. The Property offers a desirable unit mix including (1) Studio, (16) 1 Bedroom/1 Bathroom, (4) 2 Bedroom/1 Bathroom and (32) 2 Bedroom/2 Bathroom units. Located in a desirable pocket of Van Nuys, the property has immediate access to the 405 & 101 freeways that put thousands of jobs, retail shopping, fine dining, and cultural destinations within a short drive. W6600 is also located adjacent to the Sepulveda Basin Recreation Area, the largest public open space in the San Fernando Valley, and just steps from the Metro G Line. With it’s strategic enhancement opportunity, central San Fernando Valley location, and favorable submarket demand drivers, Chateau W6600 is well-positioned to deliver investors compelling returns and appreciation over the hold period.
Exclusively Listed By
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