Investment Overview

Marcus & Millichap is pleased to present 7305 Variel Avenue, a ten-unit apartment property situated on the northwest corner of Variel Avenue and Wyandotte Street in Canoga Park. Built in 1958, the two-story building features eight one-bedroom/one-bathroom units and two studios, totaling 6,942 square feet on an 8,552-square-foot R3-1 corner lot. The property is subject to the City of Los Angeles Rent Stabilization Ordinance (RSO) and provides ten parking spaces. The investment opportunity is centered on established in-place income and demonstrated rental upside. According to ownership's August 19, 2026 rent roll, the property is fully occupied and generates $170,004 in annual scheduled rent. Three leases executed in 2026, including a studio at $1,395 and two one-bedroom units at $1,595 and $1,695, establish recent leasing benchmarks, and unit 3 is leased at $1,795. At the LAAA Team's pro forma rents of $1,795 for the one-bedroom units and $1,500 for the studios, the property produces approximately $208,320 in potential annual rental income, representing 23% upside as units turn, subject to applicable RSO requirements. Select renovated residences feature white shaker cabinetry, quartz countertops, gas ranges, plank flooring, and recessed lighting. Tenants pay for their own gas and electric. The property is located in ZIP 91303, a Tier 7 area under the Housing Authority of the City of Los Angeles (HACLA) Section 8 payment standards effective September 1, 2026, which allow up to $2,110 for a studio and $2,370 for a one-bedroom unit. The combination of recent leasing activity and existing occupancy positions the property for investors seeking current cash flow with the potential to increase income through future turnover. 7305 Variel Avenue offers private investors, 1031 exchange buyers, and owner-operators an opportunity to acquire a fully occupied ten-unit property in an established West Valley rental market, with existing income, documented rental upside, and proximity to the Warner Center corridor. The property is located one block north of Sherman Way, providing convenient access to neighborhood retail, dining, and everyday services. Its location places residents near Westfield Topanga, The Village at Westfield Topanga, and the Warner Center employment and retail district. Pierce College, Kaiser Permanente Woodland Hills Medical Center, and the Metro G Line further connect the property to major West San Fernando Valley amenities and transportation infrastructure. The nearest public transit stop is the Metro G Line (Orange) busway's Sherman Way Station at Sherman Way and Canoga Avenue, approximately 0.3 miles away. The address carries a Walk Score of 87, classified as Very Walkable. ZIP 91303 counts 29,805 residents with a median age of 33.5, and 78% of its households rent. The median household income is $74,474 and the median gross rent $2,057. Of the ZIP's 11,405 housing units, 3,963 were built before 1970 and 496 since 2020. Annual scheduled rent of $170,004 grows to approximately $208,320 at pro forma rents of $1,795 per one-bedroom and $1,500 per studio, offering $38,316 in potential additional annual income. ZIP 91303 is a Tier 7 area under HACLA's Section 8 payment standards effective September 1, 2026, allowing up to $2,110 for studios and $2,370 for one-bedroom units. All ten units are occupied, providing immediate in-place income with future rental upside as units turn. Eight one-bedroom/one-bathroom units and two studios, totaling 6,942 gross square feet in a two-story building. Select residences feature white shaker cabinetry, quartz countertops, gas ranges, plank flooring, ceiling fans, and recessed lighting. An 8,552-square-foot parcel at Variel Avenue and Wyandotte Street, with ten parking spaces and convenient access to Sherman Way. Permitted wall furnace replacements in seven units in 2008 and earthquake gas shutoff valves installed in 2006. Approximately 0.3 miles from the Metro G Line (Orange) Sherman Way Station at Sherman Way and Canoga Avenue and 1.1 miles from Westfield Topanga, with proximity to Warner Center, Pierce College, and Kaiser Permanente Woodland Hills Medical Center.