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72 Units | 9.66 GRM | 5.17% Cap Rate 8305-8325 Variel Ave 72 Unit Apartment Building $12,600,000 ($175,000/Unit) 5.17% Cap Rate Canoga Park, CA 91304
Executive Summary
• Portfolio acquisition opportunity: Purchase these three adjacent properties or together with four additional properties totaling 161 units, all located 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
• Approximately 47% upside potential
• Located in an Opportunity Zone (OZ)
• Electrical main panels and subpanels throughout all units have been upgraded w/ approximately $235K – potential reimbursement revenue
• Artificial/synthetic grass on periphery of the buildings
• 6 washers and 6 dryers total (2 washers and 2 dryers per building), all leased
• Plumbing is partial copper
• Portions of the roof were replaced in 2023
• Gated and Secure Parking Lot
• Newer water heaters
• Located at the corner of Variel Avenue and Roscoe Boulevard, one of the main thoroughfares with high traffic
• Walking distance to Sherman Way/Canoga Orange Line Metro Station
• Video camera security system in all building entrances and the parking entrance
• Short drive from the $10B RAMS Village development
• Attractive existing assumable loan (contact agent for more information)
• Transit Oriented Communities (TOC) Tier 3
• Approximately 47% upside potential
• Located in an Opportunity Zone (OZ)
• Electrical main panels and subpanels throughout all units have been upgraded w/ approximately $235K – potential reimbursement revenue
• Artificial/synthetic grass on periphery of the buildings
• 6 washers and 6 dryers total (2 washers and 2 dryers per building), all leased
• Plumbing is partial copper
• Portions of the roof were replaced in 2023
• Gated and Secure Parking Lot
• Newer water heaters
• Located at the corner of Variel Avenue and Roscoe Boulevard, one of the main thoroughfares with high traffic
• Walking distance to Sherman Way/Canoga Orange Line Metro Station
• Video camera security system in all building entrances and the parking entrance
Property Facts
| Price | $12,600,000 | Apartment Style | Garden |
| Price Per Unit | $175,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.43 AC |
| Cap Rate | 5.17% | Building Size | 44,508 SF |
| Gross Rent Multiplier | 9.66 | No. Stories | 2 |
| No. Units | 72 | Year Built | 1963 |
| Property Type | Multifamily | Parking Ratio | 1.51/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | R3 | ||
| Price | $12,600,000 |
| Price Per Unit | $175,000 |
| Sale Type | Investment |
| Cap Rate | 5.17% |
| Gross Rent Multiplier | 9.66 |
| No. Units | 72 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.43 AC |
| Building Size | 44,508 SF |
| No. Stories | 2 |
| Year Built | 1963 |
| Parking Ratio | 1.51/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R3 |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Security System
- Intercom
Site Amenities
- 24 Hour Access
- Controlled Access
- Courtyard
- Laundry Facilities
- Pool
- Gated
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 36 | - | 640 |
| 2+1 | 36 | - | 790 |
1 1
Walk Score®
Very Walkable (73)
Property Taxes
| Parcel Numbers | Improvements Assessment | $5,622,915 | |
| Land Assessment | $6,037,475 | Total Assessment | $11,660,390 |
Property Taxes
Parcel Numbers
Land Assessment
$6,037,475
Improvements Assessment
$5,622,915
Total Assessment
$11,660,390
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72 Units | 9.66 GRM | 5.17% Cap Rate | 8305-8325 Variel Ave
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