We are proud to present this 7-unit multifamily investment property located at 6616 Sylmar Avenue in Van Nuys, CA. Constructed in 1994, the subject property is not governed by LA City rent control, but instead governed only by California State Assembly Bill 1482 which allows owners to raise rents 5% plus CPI annually on average. The 7,210 square foot property sits on a 10,639 square foot lot (.24 acres) and comes complete with 2 parking spots per dwelling unit, 14 in total, all of which are guarded by an electrically operated security gate. The subject property is also very proximate to the dense retail corridor on Van Nuys Blvd. which boasts much of the areas most desirable shopping and dining attractions. The subject property consists of a very attractive unit mix made up of all 2 Bedroom / 2.5 Bathroom townhouse style units, each measuring approximately 1,000 square feet, which is also very rare for the area and extremely attractive to prospective renters. Each bedroom comes complete with its own private in-suite bathroom which is a huge draw to renters as well. Cherry wood tone laminate flooring, upgraded kitchen cabinetry with added storage space, central heat, and air, upgraded LED recessed lighting, and GE appliances are some additional luxuries that renters enjoy and all of which are very rare for units in this pocket. Although the existing rents are already strong thanks to savvy ownership, there still are a few different ways for an investor to add even more value to this asset. As of now, parking is free for all of the tenants. With 30-days notice, an investor could tack on monthly parking charges which would instantly increase the property's annual income. Another way to add value in the future would be through California's new ADU program that was rolled out in January of 2020 which would allow an investor to utilize some of the parking lot to add additional units and generate significant added income and value.
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