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Multifamily

13949 Vanowen St

13949 Vanowen St, Valley Glen (Van Nuys), CA 91405

Listing Price: $3,345,000

Cap Rate
4.33%
Number of Units
14
Price/Unit
$238,929
Price/Gross SF
$324.44
Gross SF
10,310

Investment Overview

Marcus & Millichap is pleased to announce the opportunity to purchase 13949-13953 Vanowen Street, a 14-unit multifamily property situated in the desirable Valley Glen neighborhood of Van Nuys, CA. Thanks to several recent capital improvements, the property is well-positioned for a new investor to focus on completing upgrades to the remaining units and capturing the approximately 30% rent upside. The owners have recently completed all seismic retrofit repairs (Buyer to verify) and have installed copper plumbing throughout the building, which may help a new investor to avoid deferred maintenance expenses. Furthermore, approximately 70% of the windows are new, while one of the buildings also has a brand new electric panel. Unit interiors have also benefitted from extensive upgrades, with several units featuring wood flooring, quartz or granite countertops, stainless steel appliances, recessed lighting, crown mouldings, new kitchen cabinets, and renovated bathrooms. Select units include their own individual water heaters, and an on-site laundry room provides an additional revenue stream for the owner. Located near the intersection of Hazeltine Avenue and Vanowen Street, the property is equidistant from both the 405 and 170 Freeways, providing tenants with flexible access to much of the San Fernando Valley and beyond. Residents are a short distance from Valley Village, Sherman Oaks, Studio City, and Encino, allowing them convenient proximity to the Valley’s most popular shopping and dining locations.

Investment Highlights

  • All Seismic Retrofit Repairs Completed (Buyer to Verify)
  • Full Copper Plumbing
  • Favorable Unit Mix -- Mostly Two Bedroom Units
  • Several Renovated Units, with a Select Few Featuring Upgrades Such as Recessed Lighting, Quartz or Granite Countertops, Crown Mouldings, and Updated Kitchens and Bathrooms
  • Attractive Current CAP and GRM with Significant Rent Upside -- Opportunity to Increase Income by Approximately 30%
  • Mostly New Windows and New Electric Panel on 13949 Building
  • Desirable Location within Valley Glen Neighborhood of Van Nuys
  • Pitched Roofs

Exclusively Listed By

Listing Price: $3,345,000

Cap Rate
4.33%
Number of Units
14
Price/Unit
$238,929
Price/Gross SF
$324.44
Gross SF
10,310

Investment Highlights

  • All Seismic Retrofit Repairs Completed (Buyer to Verify)
  • Full Copper Plumbing
  • Favorable Unit Mix -- Mostly Two Bedroom Units
  • Several Renovated Units, with a Select Few Featuring Upgrades Such as Recessed Lighting, Quartz or Granite Countertops, Crown Mouldings, and Updated Kitchens and Bathrooms
  • Attractive Current CAP and GRM with Significant Rent Upside -- Opportunity to Increase Income by Approximately 30%
  • Mostly New Windows and New Electric Panel on 13949 Building
  • Desirable Location within Valley Glen Neighborhood of Van Nuys
  • Pitched Roofs

Investment Overview

Marcus & Millichap is pleased to announce the opportunity to purchase 13949-13953 Vanowen Street, a 14-unit multifamily property situated in the desirable Valley Glen neighborhood of Van Nuys, CA. Thanks to several recent capital improvements, the property is well-positioned for a new investor to focus on completing upgrades to the remaining units and capturing the approximately 30% rent upside. The owners have recently completed all seismic retrofit repairs (Buyer to verify) and have installed copper plumbing throughout the building, which may help a new investor to avoid deferred maintenance expenses. Furthermore, approximately 70% of the windows are new, while one of the buildings also has a brand new electric panel. Unit interiors have also benefitted from extensive upgrades, with several units featuring wood flooring, quartz or granite countertops, stainless steel appliances, recessed lighting, crown mouldings, new kitchen cabinets, and renovated bathrooms. Select units include their own individual water heaters, and an on-site laundry room provides an additional revenue stream for the owner. Located near the intersection of Hazeltine Avenue and Vanowen Street, the property is equidistant from both the 405 and 170 Freeways, providing tenants with flexible access to much of the San Fernando Valley and beyond. Residents are a short distance from Valley Village, Sherman Oaks, Studio City, and Encino, allowing them convenient proximity to the Valley’s most popular shopping and dining locations.

Exclusively Listed By

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