Marcus & Millichap is pleased to announce the sale of 14708-14712 Gilmore Street, a 12-unit multifamily property located in Van Nuys, CA that features mostly two bedroom apartments. Future maintenance costs for the new owner are drastically minimized by the property’s new copper plumbing and the fact that it does not appear on the LADBS seismic retrofit list (Buyer to verify). A new owner can potentially add value to the property by capitalizing on the ongoing upgrade strategy in order to recapture the approximately 30% rent upside. The two buildings sit on two separate parcels, adding flexibility to the new owner’s eventual exit strategy.
The current owner has improved the property with substantial upgrades, including full copper plumbing. Most of the unit interiors feature new wood flooring, new granite countertops, new windows, new doors, and new cabinets. Each unit also includes its own individual water heater, many of which have been updated in recent years. The new owner can continue to take advantage of the current additional income streams, which are generated by the on-site laundry room, parking space rental agreements, and storage agreements.
The buildings are directly across the street from Van Nuys High School, a sprawling campus that occupies nearly six city blocks and helps draw families to the local rental market. The Metro Orange Line station is less than one mile away, while tenants can also easily walk to the numerous retail destinations along Van Nuys Boulevard. Costco Wholesale is less than one mile from the building, while Target, LA Fitness, CVS, Starbucks, and Chipotle are also in the area.
