Thank you
Roderick 'rick' Raymundo
Marcus & Millichap
818-212-2700
Set to benefit immensely from its position in the path of development, the property sits only one block from the planned 4.5 million square foot mixed-use development slated for the site of the existing Panorama Mall. Included in the proposal are 125,000 square feet of retail space, 70,000 square feet of restaurant space, 90,000 square feet of entertainment space, and 146,000 square feet of open space. That project intends to capitalize on the upcoming East San Fernando Valley Light Rail Line, which will include a Metro stop just two blocks from 8407 Cedros Avenue. Perhaps the most noteworthy development project currently in the San Fernando Valley, the light rail line will connect the Metro Orange Line, the Metrolink Train Line in Van Nuys, and the Metrolink Train Line in Sylmar/San Fernando. The majority of the new transit line will run along the median of Van Nuys Boulevard, with a station planned just two blocks from 8407 Cedros Avenue. In addition to boosting commerce in the immediate area, it will also provide the benefit of more convenient transportation for the property's tenants. With current rents approximately 42% below market rates, a new owner can capitalize on this rent upside to create increasing cash flow even before the neighborhood improves with the pending development projects. The building already features full copper plumbing, allowing an investor to enter the Los Angeles market at an attractively low $168,750 per unit with reduced maintenance costs. The existing loan may be assumable, allowing an investor to benefit from the low 3.14% interest rate as well. An additional revenue stream is provided by the on-site laundry facilities.
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Total Bedrooms : 2
Total Baths: 16
Full Baths: 0
Half Baths: 0
None
Air Conditioning
Year Built: 1964
Building Area Total: 7,188
Lot Dimensions Source: Vendor Enhanced
Lot Size Acres: 0.1732
Lot Size Dimensions: 50x150
Lot Size Source: Assessor
Lot Size Square Feet: 7545
Original List Price: 2,700,000
Listing Contract Date: 2023-02-07
Listing Agreement: Exclusive Right To Sell
Parcel Number: 2653019014
Garage Description: Assigned
Lease Term: Negotiable
Source Listing Status: Active
Source Neighborhood: PC - Panorama City
Postal Code Plus 4: 3626
Directions: We are pleased to announce the opportunity to purchase 8407 Cedros Avenue, a 16-unit multifamily property located near the intersection of Van Nuys Boulevard and Roscoe Boulevard in Panorama City, CA.
Zoning: LAR4
Source Property Type: Residential Income
Area: PC - Panorama City
Property Age: 60
Year Built Source: Vendor Enhanced
Total Square Feet Living: 7188
Levels or Stories: Two
Building Total Stories: 2
Address | Estimate | Bed | Bath | Sq. Ft | Lot Size |
---|---|---|---|---|---|
9325 Sylmar Avenue, Panorama City, CA,91402 | $3,000,000 | 20 | -- | 8,156 | 16999 Sqft |
8719 Tilden, Panorama City, CA,91402 | $975,000 | 4 | 2 | 1,581 | 6380 Sqft |
14839 Blythe Street, Panorama City, CA,91402 | $1,189,000 | 6 | -- | 2,976 | 6943 Sqft |
14300 Terra Bella Stree.., Panorama City, CA,91402 | $660,000 | 3 | 3 | 1,680 | 109332 Sqft |
9213 Tobias Avenue, Panorama City, CA,91402 | $4,950,000 | -- | -- | -- | 47412 Sqft |
9120 N Nilo Lane, Panorama City, CA,91402 | $899,000 | 4 | 3 | 2,221 | 2543 Sqft |
9114 N Nilo Lane, Panorama City, CA,91402 | $899,000 | 4 | 3 | 2,199 | 2540 Sqft |
9117 N Nilo Lane, Panorama City, CA,91402 | $899,000 | 4 | 3 | 2,221 | 3361 Sqft |
9110 N Nilo Lane, Panorama City, CA,91402 | $899,000 | 4 | 3 | 2,221 | 2542 Sqft |
7924 Woodman Avenue #16, Panorama City, CA,91402 | $375,000 | 1 | 1 | 669 | 90648 Sqft |
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ByOwner last updated this listing 05/16/2024 @ 13:28
MLS: 23239475
LISTED BY: Roderick 'Rick' Raymundo, Marcus & Millichap
SOURCE: CRMLS
Buyer Agency Compensation: 2.25%
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.