14629 W Erwin St 22 Unit Apartment Building $11,500,000 ($522,727/Unit) 5.69% Cap Rate Van Nuys, CA 91411

This newly constructed multifamily development represents a rare turnkey opportunity in the heart of Van Nuys. The project has received TCO and is currently awaiting the final Certificate of Occupancy, allowing an investor to move directly into lease-up. A majority of the units will be delivered vacant, providing a clear path to stabilization at a projected 5.69% market cap rate. The units are thoughtfully designed with spacious layouts, private balconies, and in-unit washer/dryers, while two oversized penthouse units crown the building and offer expansive outdoor living areas. The property also features 30 dedicated parking spaces secured behind a gated entrance, providing residents with both convenience and peace of mind.
Positioned within a designated Opportunity Zone, the asset offers potential tax advantages for long-term investors. Because the property has not yet received its CofO, an Opportunity Zone focused sale presents a strategic and attractive acquisition angle. It sits within one of the Valley’s most active development corridors, with approximately 20 new multifamily projects underway in Van Nuys and nearly 40 additional developments progressing in adjacent neighborhoods such as Sherman Oaks and North Hollywood. This concentrated activity reflects sustained rental demand, high occupancy levels, consistent employment growth, and relative affordability compared to nearby submarkets.
The location provides residents with excellent access to parks, outdoor recreation, and a variety of nearby restaurants, cafés, and shopping destinations. Its central positioning within the Valley ensures convenient connectivity to major employment hubs and lifestyle amenities, making the asset a compelling opportunity for investors seeking a high-quality, newly built multifamily property with strong long-term growth potential.