These three adjacent properties on Willis Avenue in Panorama City have incredible potential. First, there is tremendous upside in rents with a projected 7.37 GRM and approximately a 10% cap rate based on market rents. Additionally, at $141,500 per unit, this is well below comparable sales given the sheer upside in rents. In addition, the property sits on 36,600 square feet of R3 zoned land with a Tier 3 TOC (70% bonus) allowing for up to 78 units to be developed.
Sold for $3,300,000
Listed by: Lee & Associates • Warren Berzack • Contact: 818-986-9800
Bought with: Matthews Real Estate Investment Services
$3,300,000
7900-7910 Willis Ave, Panorama City, CA 91402
30beds
24baths
13,824sqft
Multi Family
Built in 1953
-- sqft lot
$2,345,300 Zestimate®
$239/sqft
$3,109 Estimated rent
Home value
$2,345,300
$1.90M - $2.93M
$3,109/mo
Zestimate® history
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$21,022/mo
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Zillow last checked:
Listing updated:
Listed by:
Warren Berzack DRE #01329015 818-269-2979,
Lee & Associates
Bought with:
Adam Feldman, DRE #02090792
Matthews Real Estate Investment Services
Source: CRMLS,MLS#: SR24163292
Originating MLS: California Regional MLS
Originating MLS: California Regional MLSFacts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 30
- Bathrooms: 24
Appliances
- Laundry: None
Features
- Common walls with other units/homes: 2+ Common Walls
Interior area
- Total structure area: 13,824
- Total interior livable area: 13,824 sqft
Property
Parking
- Total spaces: 40
- Parking features: Assigned
- Uncovered spaces: 40
Features
- Levels: One
- Stories: 1
- Entry location: 1
- Pool features: None
Lot
- Size: 0.84 Acres
- Features: Landscaped, Rectangular Lot
Details
- Additional parcels included: 2210021031, 2210021005
- Parcel number: 2210021032
- Zoning: LAR3
- Special conditions: Standard
Construction
Type & style
- Home type: MultiFamily
- Property subtype: Multi Family
- Attached to another structure: Yes
Condition
- New construction: No
- Year built: 1953
Utilities & green energy
- Sewer: Public Sewer
- Water: Public
Community & HOA
Community
- Features: Curbs, Storm Drain(s), Street Lights, Sidewalks, Urban
Location
- Region: Panorama City
Financial & listing details
- Price per square foot: $239/sqft
- Date on market: 8/7/2024
- Cumulative days on market: 23 days
- Listing terms: Cash,Cash to New Loan
- Tenant pays: None
Price history
| Date | Event | Price |
|---|---|---|
| 11/26/2024 | Sold | $3,300,000-2.8%$239/sqft |
Source:  CRMLS #SR24163292 Report a problem | ||
| 8/31/2024 | Pending sale | $3,395,000$246/sqft |
Source: CRMLS #SR24163292 Report a problem | ||
| 8/8/2024 | Listed for sale | $3,395,000$246/sqft |
Source: CRMLS #SR24163292 Report a problem | ||
Public tax history
Tax history is unavailable.
Neighborhood: Panorama City
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Nearby schools
GreatSchools rating
- 3/10Burton Street Elementary SchoolGrades: K-5Distance: 0.8 mi
- 3/10Robert Fulton College Preparatory SchoolGrades: 6-12Distance: 0.5 mi
- 4/10Panorama High SchoolGrades: 9-12Distance: 0.4 mi
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Estimated market value
$2,345,300
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Estimated market value
$2,345,300
- California
- Los Angeles County
- Los Angeles
- 91402
- Panorama City
- 7900-7910 Willis Ave
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