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The Van Nuys Apartments 8924 Van Nuys Blvd
18 Unit Apartment Building $3,165,000 USD ($175,833 USD/Unit) 5% Cap Rate Panorama City, CA 91402
Investment Highlights
- 18 Spacious Units Comprised of Singles, 1-Beds, 2-beds, 3-beds, and 4-beds.
- Substanial Upside Potential +/- 83%.
- Possible Conversion of Rec Room to ADU (Buyer to Verify).
- Soft Story Retrofit Completed.
- Secured Parking.
- Located on a Major Blvd.
Executive Summary
RE/MAX Commercial & Investment Realty proudly presents an exceptional investment opportunity – the Van Nuys Apartments. This prime property boasts 18 well-appointed units, including 2 singles, 9 one-bedroom/one-bath, 4 two-bedroom/1.5-bath, 2 three-bedroom/two-bath, and 1 four-bedroom/2.5-bath units. Residents enjoy amenities, such as a refreshing swimming pool, convenient on-site laundry facilities, and secure on-site parking.
Recently undergoing a soft story retrofit in 2021, this property offers a significant upside potential of approximately 83%, making it an ideal acquisition for savvy investors. Strategically located on Van Nuys Blvd, just south of Nordhoff, the apartments boast a Walk Score of 78, enabling residents to accomplish most errands on foot. Proximity to major freeways (405, 5, and 118), hospitals (Kaiser Permanente), and schools (Vista Middle School, Chase Elementary, and James Monroe High School) further enhances its appeal.
With the upcoming East San Fernando Valley Light Rail Transit Project, featuring 11 stations along a 6.7-mile stretch (most on Van Nuys Blvd), the property will be conveniently positioned within a short walking distance to one of the stops at Van Nuys Blvd and Nordhoff St. Don't miss this exceptional opportunity to invest in a prime asset with tremendous growth potential. **BUYER TO PAY FOR THEIR AGENT'S CONCESSION***
Recently undergoing a soft story retrofit in 2021, this property offers a significant upside potential of approximately 83%, making it an ideal acquisition for savvy investors. Strategically located on Van Nuys Blvd, just south of Nordhoff, the apartments boast a Walk Score of 78, enabling residents to accomplish most errands on foot. Proximity to major freeways (405, 5, and 118), hospitals (Kaiser Permanente), and schools (Vista Middle School, Chase Elementary, and James Monroe High School) further enhances its appeal.
With the upcoming East San Fernando Valley Light Rail Transit Project, featuring 11 stations along a 6.7-mile stretch (most on Van Nuys Blvd), the property will be conveniently positioned within a short walking distance to one of the stops at Van Nuys Blvd and Nordhoff St. Don't miss this exceptional opportunity to invest in a prime asset with tremendous growth potential. **BUYER TO PAY FOR THEIR AGENT'S CONCESSION***
Financial Summary (Actual - 2023) |
Annual (USD) | Annual Per SF (USD) |
|---|---|---|
| Gross Rental Income |
$281,389
|
$17.96
|
| Other Income |
$9,000
|
$0.57
|
| Vacancy Loss |
$8,712
|
$0.56
|
| Effective Gross Income |
$281,677
|
$17.98
|
| Taxes |
$37,195
|
$2.37
|
| Operating Expenses |
$86,140
|
$5.50
|
| Total Expenses |
$123,335
|
$7.87
|
| Net Operating Income |
$158,342
|
$10.10
|
Financial Summary (Actual - 2023)
| Gross Rental Income (USD) | |
|---|---|
| Annual | $281,389 |
| Annual Per SF | $17.96 |
| Other Income (USD) | |
|---|---|
| Annual | $9,000 |
| Annual Per SF | $0.57 |
| Vacancy Loss (USD) | |
|---|---|
| Annual | $8,712 |
| Annual Per SF | $0.56 |
| Effective Gross Income (USD) | |
|---|---|
| Annual | $281,677 |
| Annual Per SF | $17.98 |
| Taxes (USD) | |
|---|---|
| Annual | $37,195 |
| Annual Per SF | $2.37 |
| Operating Expenses (USD) | |
|---|---|
| Annual | $86,140 |
| Annual Per SF | $5.50 |
| Total Expenses (USD) | |
|---|---|
| Annual | $123,335 |
| Annual Per SF | $7.87 |
| Net Operating Income (USD) | |
|---|---|
| Annual | $158,342 |
| Annual Per SF | $10.10 |
Property Facts Under Contract
| Price | $3,165,000 USD | Apartment Style | Low Rise |
| Price Per Unit | $175,833 USD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.33 AC |
| Cap Rate | 5% | Building Size | 15,670 SF |
| Gross Rent Multiplier | 10.9 | Average Occupancy | 100% |
| No. Units | 18 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1960 |
| Property Subtype | Apartment | Parking Ratio | 1.21/1,000 SF |
| Price | $3,165,000 USD |
| Price Per Unit | $175,833 USD |
| Sale Type | Investment |
| Cap Rate | 5% |
| Gross Rent Multiplier | 10.9 |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.33 AC |
| Building Size | 15,670 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1960 |
| Parking Ratio | 1.21/1,000 SF |
Site Amenities
- Laundry Facilities
- Pool
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 2 | $1,133 USD | 500 |
| 1+1 | 9 | $1,326 USD | 740 |
| 2+1.5 | 4 | $1,719 USD | 940 |
| 3+2 | 2 | $1,457 USD | 1,200 |
| 4+2.5 | 1 | $1,693 USD | 1,400 |
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Walk Score ®
Very Walkable (81)
PROPERTY TAXES
| Parcel Number | 2639-006-037 | Total Assessment | $3,984,731 USD (2024) |
| Land Assessment | $2,390,839 USD (2024) | Annual Taxes | $37,195 USD ($2.37 USD/SF) |
| Improvements Assessment | $1,593,892 USD (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
2639-006-037
Land Assessment
$2,390,839 USD (2024)
Improvements Assessment
$1,593,892 USD (2024)
Total Assessment
$3,984,731 USD (2024)
Annual Taxes
$37,195 USD ($2.37 USD/SF)
Tax Year
2023
zoning
| Zoning Code | LAR3 |
| LAR3 |
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Luis Morales -
RE/MAX Commercial & Investment Realty
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The Van Nuys Apartments | 8924 Van Nuys Blvd
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