17463 Vanowen Street, Van Nuys, CA 91406

$2,735,000
21
BD
21
BA
13,434
SqFt
Sold Price
$2,735,000
List Price
$2,775,000
Closing Date
May 14, 2018
Status
Closed
MLS#
18322502
Year Built
1963
Bedrooms
21
Bathrooms
21
Living Sq. Ft
13,434
Lot Size
15,546
Days on Market
63
Property Type
Multifamily

Property Description

We are pleased to announce the sale of 17463 Vanowen Street in the San Fernando Valley. Containing 14 apartment units, the property sits within the desirable Lake Balboa neighborhood of Van Nuys, just north of Encino and Lake Balboa Park near the intersection of White Oak Avenue and Vanowen Street. With excellent visibility on a corner lot along Vanowen Street, the property provides a new owner the opportunity to steadily improve cash flow by eventually capturing the approximately 54% rent upside.Compared to similar multifamily properties that have sold within the past year, 17463 Vanowen Street compares favorably with an attractive price per unit and price per square foot, listed at only $198,214 and $206, respectively. Rent growth has been steady in Lake Balboa, one of the more desirable neighborhoods of Van Nuys, near the Encino border. During 2017, average effective rents have increased by 2.4%.

Additional Information

Heat
Other
Cooling
Air Conditioning
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Parking
Carport

Mortgage Calculator

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Courtesy of Marcus & Millichap, Roderick "Rick" Raymundo - CA DRE#01357019 Selling Office: Marcus & Millichap.

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