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36 Units | 10.51 GRM | 5.66% Cap Rate 21921 Lanark St 36 Unit Apartment Building $8,350,000 ($231,944/Unit) 5.66% Cap Rate Canoga Park, CA 91304

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Executive Summary

• Portfolio acquisition opportunity: Purchase this property individually or together with six additional properties totaling 161 units, all within a one-mile radius.
• Short drive from the $10B RAMS Village development
• Attractive existing assumable loan(contact agent for more information)
• Transit Oriented Communities (TOC) Tier 3
• Located in an Opportunity Zone (OZ)
• Approximately 33% upside potential
• New roof installed in Year 2023 on both buildings
• Walking distance to Sherman Way/Canoga Orange Line Metro Station
• Lanark Recreation Center directly across the street
• Video camera security system at building entrance and the parking entrance
• On-site management
• New water heaters - 2 washers and 2 dryers
• Foundation of the apartment complex is raised
• 35 total parking spaces – 23 tuck-under spaces and 12 covered spaces
• Swimming pool with secure enclosure
• Security gates for apartment units
• Apartment units are both gas and electrical powered
• Horizontal pipes were replaced with copper pipes
• Wall unit HVAC in each apartment unit
• Property was featured in the movie Tortilla Soup with Raquel Welch

Property Facts

Price	$8,350,000	Building Class	C
Price Per Unit	$231,944	Lot Size	0.78 AC
Sale Type	Investment	Building Size	32,360 SF
Cap Rate	5.66%	Average Occupancy	100%
Gross Rent Multiplier	10.51	No. Stories	2
No. Units	36	Year Built	1965
Property Type	Multifamily	Parking Ratio	1.08/1,000 SF
Property Subtype	Apartment	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Apartment Style	Low-Rise
Zoning	LAR3

Price	$8,350,000
Price Per Unit	$231,944
Sale Type	Investment
Cap Rate	5.66%
Gross Rent Multiplier	10.51
No. Units	36
Property Type	Multifamily
Property Subtype	Apartment
Apartment Style	Low-Rise
Building Class	C
Lot Size	0.78 AC
Building Size	32,360 SF
Average Occupancy	100%
No. Stories	2
Year Built	1965
Parking Ratio	1.08/1,000 SF
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Zoning	LAR3