8924 Van Nuys BlvdLos Angeles, CA 91402

Property Details for 8924 Van Nuys Blvd

Year built

1960

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional 18-unit apartment building presents a compelling investment opportunity in Los Angeles, CA. Located at 8924 Van Nuys Blvd, 91402, this property boasts 15,670 square feet of net rentable space on a 14,565 square foot lot, with a permitted LAR3 zoning designation. The building, constructed in 1960 and recently updated with a soft story retrofit in 2021, offers a diverse unit mix including studios, one-bedroom, two-bedroom, three-bedroom, and a four-bedroom unit. Amenities include a swimming pool, on-site laundry facilities, and secured parking. The property currently generates a Net Operating Income (NOI) of $158,343, representing a 5.00% capitalization rate at an asking price of $3,165,000 ($201.98/sq ft and $175,833 per unit). Its prime location on Van Nuys Boulevard offers a Walk Score of 78, with convenient access to major freeways (405, 5, and 118), hospitals (Kaiser Permanente), and schools (Vista Middle School, Chase Elementary, and James Monroe High School). The property's proximity to the upcoming East San Fernando Valley Light Rail Transit Project, with a station near the intersection of Van Nuys Boulevard and Nordhoff Street, further enhances its long-term value. The potential for conversion of a recreational room into an Accessory Dwelling Unit (ADU) is also worth exploring (buyer verification required). This property offers significant upside potential, estimated at approximately 83%, making it an ideal investment for discerning buyers. The APN is 2639006037.

Location Insight

City

Los Angeles

County

Los Angeles

State

California

Latitude

34.2326

Longitude

-118.45

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