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Covered Land Opportunity with 4 Vacant Units 15624-15628 Vanowen St 8 Unit Apartment Building $2,300,000 ($287,500/Unit) 5.92% Cap Rate Van Nuys, CA 91406
INVESTMENT HIGHLIGHTS
- Great covered land opportunity in Van Nuys, California with Four Vacant Units
- Unlimited density for an affordable housing developer. A developer can fit as many units necessary through their design (Buyer to verify)
- Total square footage of current rental units are ±6,870 on a ±20,650 square foot lot
- The property currently operates as an eight unit investment opportunity. two- single family homes and a six-unit apartment complex
- Build up to 39 units utilizing Transit Oriented Communities (Buyer to verify)
- The investment opportunity offers cash flow while going through the entitlement process
EXECUTIVE SUMMARY
This property in Van Nuys, California, presents a prime covered land opportunity featuring an existing eight-unit apartment complex situated on a ±20,650 square foot lot, with with a total rental unit space of ±6,870 square feet. Currently, there are four vacant units allowing for a multitude of buyer value-add scenarios. For developers, the site offers unlimited density for affordable housing projects, allowing for flexible unit design and the potential to build up to 39 units under transit oriented community guidelines. Conveniently located adjacent to the 405 Freeway, with easy access to Highway 101 and Lake Balboa Park, this location provides excellent connectivity and development potential.
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $2,300,000 | Apartment Style | Low-Rise |
| Price Per Unit | $287,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.47 AC |
| Cap Rate | 5.92% | Building Size | 6,870 SF |
| Gross Rent Multiplier | 11.47 | No. Stories | 2 |
| No. Units | 8 | Year Built | 1956 |
| Property Type | Multifamily | Parking Ratio | 1/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | R3, Los Angeles - LAR3 Allows for 1 Unit per 800 SF of lot area. By utilizing transit oriented communities, 39 units are allowed. 100% allows for unlimited density. | ||
| Price | $2,300,000 |
| Price Per Unit | $287,500 |
| Sale Type | Investment |
| Cap Rate | 5.92% |
| Gross Rent Multiplier | 11.47 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.47 AC |
| Building Size | 6,870 SF |
| No. Stories | 2 |
| Year Built | 1956 |
| Parking Ratio | 1/1,000 SF |
| Zoning | R3, Los Angeles - LAR3 Allows for 1 Unit per 800 SF of lot area. By utilizing transit oriented communities, 39 units are allowed. 100% allows for unlimited density. |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Storage Space
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 5 | $2,119 | - |
| 3+1 | 1 | $2,081 | - |
| 1+1 | 2 | $1,825 | - |
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PROPERTY TAXES
| Parcel Number | 2234-004-026 | Improvements Assessment | $278,771 |
| Land Assessment | $780,584 | Total Assessment | $1,059,355 |
PROPERTY TAXES
Parcel Number
2234-004-026
Land Assessment
$780,584
Improvements Assessment
$278,771
Total Assessment
$1,059,355
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Covered Land Opportunity with 4 Vacant Units | 15624-15628 Vanowen St
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