For Sale
$1,400,000

14248 Gilmore StLos Angeles, CA 91401

Value-add multifamily investment opportunity

Overview

Added:
Dec 11, 2024
Days on market:
114
This 7-unit apartment building in Van Nuys, CA, offers a compelling value-add investment opportunity. Built in 1960, the two-story property comprises 4,931 square feet on a 7,500 square foot lot, zoned LA[Q]RD1.5-1. The unit mix includes one 2-bedroom/1-bathroom unit, five 1-bedroom/1-bathroom units, and one single unit, averaging approximately 704 square feet each. Eleven parking spaces are available for residents. Select units feature recent updates including new flooring, paint, wall AC units, mirrored closets, and updated kitchens. The building offers on-site laundry and includes water and trash services. Located in a desirable area with a WalkScore of 85, the property enjoys proximity to shopping, dining, parks, and major freeways (405, 101, 170). It's also conveniently located 0.7 miles from the Van Nuys Metro G Line station. The property's front garages present a potential ADU conversion opportunity, further enhancing its investment potential. The asking price is $1,400,000, representing a price per unit of $200,000 and a price per square foot of $283.92. The property boasts a Net Operating Income (NOI) of $58,234 and a cap rate of 4.16%. The East San Fernando Valley Light Rail Transit Project, currently under development, will further improve connectivity and transportation options. This property is well-suited for an investor seeking to capitalize on the strong rental market and potential for appreciation in the Van Nuys submarket.

Highlights

  • Van Nuys 7-unit apartment building with significant rental upside potential (66%+). Front garages ideal for ADU conversion.
  • Excellent unit mix: one 2-bedroom/1-bathroom, five 1-bedroom/1-bathroom, and one studio. Spacious units with abundant natural light.
  • Select units boast recent upgrades including new flooring, paint, AC units, mirrored closets, and kitchen appliances.
  • Highly walkable Van Nuys location (WalkScore 85), near shopping, dining, and recreation.
  • Convenient freeway access: 1.7 miles to 405, 2.3 miles to 101, and 2.4 miles to 170.
  • 0.7 miles to the Van Nuys Metro G Line (Orange) station.

Property Details for 14248 Gilmore St

Property type
Apartment buildings
Square Feet
4,931 SF
Year Built
1960
Buildings
1
Stories
2
Units
7

Location Insight

City
Los Angeles
County
Los Angeles
State
California
Latitude
34.1873652
Longitude
-118.443858
14248 Gilmore St, Los Angeles, California

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14248 Gilmore St
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