17463 Vanowen St
Van Nuys, CA 91406
Multifamily Property For Sale · 14 Units

Marcus & Millichap is pleased to announce the sale of 17463 Vanowen Street in the San Fernando Valley. Containing 14 apartment units, the property sits within the desirable Lake Balboa neighborhood of Van Nuys, just north of Encino and Lake Balboa Park near the intersection of White Oak Avenue and Vanowen Street. With excellent visibility on a corner lot along Vanowen Street, the property provides a new owner the opportunity to steadily improve cash flow by eventually capturing the approximately 54% rent upside. Compared to similar multifamily properties that have sold within the past year, 17463 Vanowen Street compares favorably with an attractive price per unit and price per square foot, listed at only $198,214 and $206, respectively. Rent growth has been steady in Lake Balboa, one of the more desirable neighborhoods of Van Nuys, near the Encino border. During 2017, average effective rents have increased by 2.4%. Meanwhile, vacancy rates have remained tighter than the Los Angeles Metro average, with Van Nuys only reaching a 2.5% vacancy rate, compared to 3.6% for Greater Los Angeles.