6537-6543 Woodley Ave
Van Nuys, CA 91406
2 SFRs + 15 Units | 6.02%/10.8 Market CAP/GRM · Multifamily Property For Sale · 17 Units

Marcus & Millichap is pleased to present 6537-6543 Woodley Avenue, a 17-unit multifamily property in the Lake Balboa neighborhood of Van Nuys that features two separate single-family homes. Situated on a huge 28,001 square foot lot with excellent street visibility, the four buildings contain 13,354 rentable square feet. An investor may assume the existing loan in order to take advantage of its attractive 3.65 percent interest rate. In addition to benefitting from the current cash flow, an investor may also explore future redevelopment options as plans have been proposed for construction of up to 28 multifamily units on the site. The open campus features a wide driveway that provides access to 20 carport parking spaces, as well as an additional six open spaces. Insulated at the rear of the property are two single-family houses with private fenced backyards, both surrounded primarily by other single family homes. The majority of the units have been upgraded with wood flooring, but the opportunity remains for a new investor to add value through additional interior improvements that could generate more income in the future. There is also an on-site laundry room that provides an additional revenue stream to the owner. Situated in Lake Balboa, one of the most desirable neighborhoods within Van Nuys, the property benefits from the area’s continued rent growth. Average effective rents have continued their positive trajectory, increasing by 2.4 percent during 2017. During the same period, vacancy rates have remained well below the Los Angeles Metro average, with Van Nuys only reaching a 2.5 percent vacancy rate, compared to 3.6 percent for Greater Los Angeles. With its high visibility along Woodley Avenue and its central location in relation to major retailers and freeways, this property is in prime position to capitalize on these promising market trends.