Located on Van Nuys Boulevard in Panorama City, California along the approved future East Valley Transit Corridor, this 21+1 apartment complex has been renovated with most units maintaining updated interiors and exteriors and offers a buyer to purchase an asset with huge 30% rental upside. With a unit mix of (14) - 2 bed / 2 bath , (7) - 1 bed / 1 bath, and non-conforming (1) - Studio / 1 bath units Updates to the asset include updated entry, telecom systems, replacement of all windows, new wood paneling in courtyard, new awnings, updated units, replacement of a/c units, and gas shut off valves. Currently, there is a non-conforming studio with the opportunity to a legal 22nd unit (buyer to verify). Upon legalization, the unit will be designated as affordable and will maintain a 55-year period of affordability at 50% of Area Median Income. With the asset's great location within proximity to Kaiser Permanente and retailers, an owner is given a great investment for growth that will prove increased rental rates and improving demographics.
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