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Multifamily

9415 Sylmar Ave

9415 Sylmar Ave, Panorama City, CA 91402

Listing Price: $4,080,000

Cap Rate
4.95%
Number of Units
16
Price/Unit
$255,000
Price/Gross SF
$255.16
Gross SF
15,990

Investment Overview

Marcus & Millichap is pleased to announce the opportunity to purchase 9415 Sylmar Avenue, a 16-unit multifamily property situated on a huge 31,221 square foot parcel in the San Fernando Valley of Los Angeles, California. Consisting entirely of two- and three-bedroom apartments, the property includes two buildings full of spacious units averaging nearly 1,000 square feet each. A new investor will benefit both immediately from the 4.95 percent current CAP Rate as well as in the future by realizing the approximately 34 percent rent upside. In-place rents average just $1.62 per square foot, while similar properties are achieving rents of more than $2.00 per square foot. The current owner installed full copper plumbing throughout both buildings and replaced all windows with new vinyl windows. Each of the units has its own individual water heater, and the roofs of both buildings are pitched. Cash flow is greatly aided by multiple supplemental income streams, including four on-site laundry rooms, several rented parking spaces, and leased storage space. The open campus houses at least 32 parking spaces, which greatly improves the rentability of the large apartments. Located in the Panorama City neighborhood of the San Fernando Valley, the property sits near the intersection of Plummer Street and Van Nuys Boulevard. Tenants enjoy the property’s proximity to Walmart, CVS, Walgreens, and Vallarta Supermarkets, while the 5, 118, 170, and 405 Freeways are all within a short drive.

Investment Highlights

  • Outstanding Unit Mix – All Two- and Three-Bedroom Units
  • Spacious Floorplans Averaging Approximately 1,000 Square Feet Each
  • Full Copper Plumbing, All New Vinyl Windows, and Individual Water Heaters
  • Huge 31,000 Square Foot Parcel with Ample On-Site Parking – At Least 32 On-Site Parking Spaces Allowing at Least Two Spaces per Unit
  • Numerous Supplemental Income Opportunities -- Additional Income Streams Created by Four On-Site Laundry Rooms, Storage, and General Parking
  • Attractive 4.95 Percent Current CAP Rate with Opportunity to Add Significant Value to Capture Approximately 34 Percent Rent Upside
  • Well-Located Across the Street from Liggett Elementary School and Immediately Surrounded by Single-Family Condominium Units
  • Value-Add Opportunity – Current Rents Average Approximately $1.62 per Square Foot, While Similar Properties are Achieving Rents Well Above $2.00 per Square Foot

Exclusively Listed By

Listing Price: $4,080,000

Cap Rate
4.95%
Number of Units
16
Price/Unit
$255,000
Price/Gross SF
$255.16
Gross SF
15,990

Investment Highlights

  • Outstanding Unit Mix – All Two- and Three-Bedroom Units
  • Spacious Floorplans Averaging Approximately 1,000 Square Feet Each
  • Full Copper Plumbing, All New Vinyl Windows, and Individual Water Heaters
  • Huge 31,000 Square Foot Parcel with Ample On-Site Parking – At Least 32 On-Site Parking Spaces Allowing at Least Two Spaces per Unit
  • Numerous Supplemental Income Opportunities -- Additional Income Streams Created by Four On-Site Laundry Rooms, Storage, and General Parking
  • Attractive 4.95 Percent Current CAP Rate with Opportunity to Add Significant Value to Capture Approximately 34 Percent Rent Upside
  • Well-Located Across the Street from Liggett Elementary School and Immediately Surrounded by Single-Family Condominium Units
  • Value-Add Opportunity – Current Rents Average Approximately $1.62 per Square Foot, While Similar Properties are Achieving Rents Well Above $2.00 per Square Foot

Investment Overview

Marcus & Millichap is pleased to announce the opportunity to purchase 9415 Sylmar Avenue, a 16-unit multifamily property situated on a huge 31,221 square foot parcel in the San Fernando Valley of Los Angeles, California. Consisting entirely of two- and three-bedroom apartments, the property includes two buildings full of spacious units averaging nearly 1,000 square feet each. A new investor will benefit both immediately from the 4.95 percent current CAP Rate as well as in the future by realizing the approximately 34 percent rent upside. In-place rents average just $1.62 per square foot, while similar properties are achieving rents of more than $2.00 per square foot. The current owner installed full copper plumbing throughout both buildings and replaced all windows with new vinyl windows. Each of the units has its own individual water heater, and the roofs of both buildings are pitched. Cash flow is greatly aided by multiple supplemental income streams, including four on-site laundry rooms, several rented parking spaces, and leased storage space. The open campus houses at least 32 parking spaces, which greatly improves the rentability of the large apartments. Located in the Panorama City neighborhood of the San Fernando Valley, the property sits near the intersection of Plummer Street and Van Nuys Boulevard. Tenants enjoy the property’s proximity to Walmart, CVS, Walgreens, and Vallarta Supermarkets, while the 5, 118, 170, and 405 Freeways are all within a short drive.

Exclusively Listed By

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