Marcus and Millichap is pleased to exclusively present a well maintained six unit multi-family building located in Lake Balboa. Based on increasing rental rates in the area, the property has great upside and represents a major value-add and easy repositioning opportunity. By simply turning over units and further renovating them, a savvy investor can achieve market rents of $1,550 for one bedrooms and $1,800 for two bedrooms. This equates to 38% of potential rental upside. Constructed in 1956, 16019 Vanowen is comprised of a great unit mix including four 1 bedroom 1 bath units and two 2 bedroom 1 bath units. The subject property offers tenants select amenities including on-site laundry, gated entry and gated secured covered parking spaces.
Freeway access is only a short drive away providing a direct route to West Los Angeles and all popular destination within the San Fernando Valley. A new landlord will benefit from low maintenance landscaping including a turf front yard and pavement through the back of the building. The property is situated on a 8,500 sq. ft. lot and has great redevelopment potential, with the ability to build 10 to 14 new units by taking advantage of density bonus. Also of note, the Property is NOT on the L.A.'s Soft-Story Retrofit Program website, and has no tuck under parking or other soft story structures that would cause future concern or expense. Lake Balboa is a bustling neighborhood within the San Fernando Valley and is home to the Van Nuys Airport, one of the nation’s most active private airports. Several new apartment buildings nearby show the potential for future rental growth and growing demand for rental units in the area. (Buyer to Verify All comments which are believed to be from reliable sources)
