Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 7351 Variel Avenue, a 16-unit apartment community located in the Canoga Park submarket of the San Fernando Valley. Originally built in 1960, current ownership has completed partial interior upgrades in nine of the 16 units and has been achieving up to $375 premiums over unrenovated units at the property. Investors will have the opportunity to continue these upgrades and capture approximately 17 percent upside in rental income by upgrading the remaining seven units. There is also an opportunity to implement additional renovation concepts such as hard surface countertops and stainless steel appliances to capture additional upside.
Centrally located in the Western San Fernando Valley, 7351 Variel Avenue provides residents with excellent accessibility to employment, area amenities, and transportation options. The property is approximately five-minutes north of Warner Center, a major employment center with 10 million square feet of office and industrial space, which has been rated an A+ by AreaVibes for area amenities. In addition, 7351 Variel Avenue is adjacent to a stop on the Metro Orange Line and is in close proximity to several major thoroughfares and freeways. Given the excellent submarket fundamentals, the quality of the asset, and the proven value-add strategy, 7351 Variel Avenue is well positioned to provide strong returns for investors over the hold period.
