We are please to present the Canyon Manor Apartments. Built in 1972, the building consists of twenty-two (22) 1 bed/1 bath units and two (2) 2 bed/1 bath units. The building totals 15,570 gross square feet and sits on a 0.51-acre lot that is LAR3 zoned. The property features on-site parking, gated pool and a laundry facility. Canyon Manor Apartments is a value-add opportunity in which new ownership has an opportunity to increase rents by virtue of implementing a renovation program to the unit interiors. Current rents are approximately twenty-seven percent (27%) below market. This is an excellent opportunity for an investor who is looking for a value-add property in an emerging submarket with historically low vacancy rates. The property is conveniently located just a short walk from restaurants, cafes, grocery stores and large retail centers on Sherman Way. For nightlife options, the property is just a short drive away from bars, restaurants and other entertainment options located in the NOHO Arts District. Nearby employment hubs include Burbank, Glendale, Hollywood, Downtown Los Angeles and Warner Center. The property is located just a few blocks from the 170 freeway, and a short drive to 405, 5 and 101 freeways.
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