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Multifamily

6225 Reseda Blvd

6225 Reseda Blvd, Tarzana, CA 91335

Listing Price: $6,200,000

Cap Rate
4.41%
Number of Units
30
GRM
11.16
Price/Unit
$206,667
Price/Gross SF
$241.08
Gross SF
25,718

Investment Overview

Marcus & Millichap is pleased to announce the opportunity to purchase 6225 Reseda Boulevard, a 30-unit multifamily property located in Tarzana, CA. Constructed in 1962, the two-story building features an attractive unit mix containing mostly two-bedroom units. Current rents sit well below local market rates, allowing a new owner the potential to capitalize on approximately 49% in rent upside. Properties in the Tarzana submarket rarely become available, as only seven such buildings have sold within the past three years, according to CoStar COMPS.

Given the recent and continuing development boom in neighboring Warner Center and Woodland Hills, this asset would allow an investor to take advantage of those new and upcoming amenities, albeit at a lower price point. Over the past three years, the average sales price per unit in Woodland Hills has been over $430,000 per unit, whereas Tarzana sales have averaged only $259,207 per unit. CAP Rates in Tarzana have also been approximately 51 basis points higher than in Woodland Hills, allowing Tarzana owners to earn greater returns on their investments despite the immediate proximity of the two neighboring cities.

Situated near the intersection of Oxnard Street and Reseda Boulevard, the property allows residents convenient access to the new Topanga Village shopping center as well as the recently opened Topanga Social premium food hall. Adjacent to the upcoming Los Angeles Rams practice facility at 21555 Oxnard Street, team owner Stan Kroenke holds land entitled for a potential 35-acre mixed-use development. Proposals for the site show 280,000 square feet of restaurant and retail offerings, hotels, offices, and residential units. The $1 billion project would provide a significant amenities boost to the already thriving neighborhood, all of which benefits investors in the immediate area.

Investment Highlights

  • Substantial Rent Upside – Current Rents Approximately 49% Below Market Rates
  • Attractively Priced at Only $206,667 per Unit and $241 per Square Foot
  • Rare Opportunity to Enter Tarzana Multifamily Market – Only Seven Properties Have Sold in Past Three Years (Source: CoStar COMPS)
  • Excellent Unit Mix – Mostly Two-Bedroom Apartments
  • Outstanding Opportunity to Benefit from Recent Woodland Hills and Warner Center Developments, Without Paying Premium Prices Those Neighborhoods Command
  • Approximately Four Miles from Proposed Promenade 2035 Development – 3,200,000 Square Foot Mixed-Use Sports and Entertainment Complex Helmed by Rams Owner Stan Kroenke
  • All Seismic Retrofit Repairs Completed (Buyer to Verify)
  • Mostly Copper Plumbing, Brand New Water Heater

Exclusively Listed By

Financing By

Multifamily

6225 Reseda Blvd

Listing Price: $6,200,000

Cap Rate
4.41%
Number of Units
30
GRM
11.16
Price/Unit
$206,667
Price/Gross SF
$241.08
Gross SF
25,718

Investment Highlights

  • Substantial Rent Upside – Current Rents Approximately 49% Below Market Rates
  • Attractively Priced at Only $206,667 per Unit and $241 per Square Foot
  • Rare Opportunity to Enter Tarzana Multifamily Market – Only Seven Properties Have Sold in Past Three Years (Source: CoStar COMPS)
  • Excellent Unit Mix – Mostly Two-Bedroom Apartments
  • Outstanding Opportunity to Benefit from Recent Woodland Hills and Warner Center Developments, Without Paying Premium Prices Those Neighborhoods Command
  • Approximately Four Miles from Proposed Promenade 2035 Development – 3,200,000 Square Foot Mixed-Use Sports and Entertainment Complex Helmed by Rams Owner Stan Kroenke
  • All Seismic Retrofit Repairs Completed (Buyer to Verify)
  • Mostly Copper Plumbing, Brand New Water Heater

Investment Overview

Marcus & Millichap is pleased to announce the opportunity to purchase 6225 Reseda Boulevard, a 30-unit multifamily property located in Tarzana, CA. Constructed in 1962, the two-story building features an attractive unit mix containing mostly two-bedroom units. Current rents sit well below local market rates, allowing a new owner the potential to capitalize on approximately 49% in rent upside. Properties in the Tarzana submarket rarely become available, as only seven such buildings have sold within the past three years, according to CoStar COMPS. Given the recent and continuing development boom in neighboring Warner Center and Woodland Hills, this asset would allow an investor to take advantage of those new and upcoming amenities, albeit at a lower price point. Over the past three years, the average sales price per unit in Woodland Hills has been over $430,000 per unit, whereas Tarzana sales have averaged only $259,207 per unit. CAP Rates in Tarzana have also been approximately 51 basis points higher than in Woodland Hills, allowing Tarzana owners to earn greater returns on their investments despite the immediate proximity of the two neighboring cities. Situated near the intersection of Oxnard Street and Reseda Boulevard, the property allows residents convenient access to the new Topanga Village shopping center as well as the recently opened Topanga Social premium food hall. Adjacent to the upcoming Los Angeles Rams practice facility at 21555 Oxnard Street, team owner Stan Kroenke holds land entitled for a potential 35-acre mixed-use development. Proposals for the site show 280,000 square feet of restaurant and retail offerings, hotels, offices, and residential units. The $1 billion project would provide a significant amenities boost to the already thriving neighborhood, all of which benefits investors in the immediate area.

Exclusively Listed By

Financing By

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