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14224 Erwin Street

Van Nuys, CA 91401
  • $2,450,000
  • STATUS: Active
  • ON SITE: 70 Days
  • ID#: SR22123818
UPDATED: 57 min ago
$2,450,000
  • 0
    BEDS
  • 0.17
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1965
County:

School Ratings & Info

Description

INVESTMENT OVERVIEWA ten-unit apartment building located at 14224 Erwin St. in Van Nuys, CA the subject property was built in 1965 with living area of 6,127 square feet situated on a 7,501 square feet land. The unit mix is comprised of 2 (0+1) , 6 (1+1), 1 (2+1) and 1 (2+2). In addition, there is a paid plan and permit in place for a 3+1 ADU ready to be constructed upon close of escrow. Some units have been upgraded . There is laundry facilities on premises and retrofit has been completed.UPSIDE & LOAN ASSUMPTIONThere is a 30% + upside potential in rents at present. However, upon completion of ADU the upside potential will bring a 7.78% cap and 9.45 GRM. Last but not least, In this high interest rate market, buyer can be benefited by assuming the present loan with excellent rate of 3.06% for remainder term of 4-years . This is a rare value add opportunity for any investor.Call or Email Agent for more details and offering memorandum.

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Based on information from CRISNet MLS as of 2022-08-18T09:57:13.85. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.

The information being provided by the CSMAR MLS is for the visitor's personal, noncommercial use and may not be used for any purpose other than to identify prospective properties the visitor may be interested in purchasing. The data contained herein is copyrighted by CSMAR or one of CSMAR's datashare partners, and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Any property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the CSMAR MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. The accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.

Based on information from the i-Tech MLS as of 2022-08-18T09:57:13.85. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
www.searchhomesincalifornia.com/homes/129648146
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14224 Erwin Street Van Nuys, CA 91401

  • Price: $2,450,000
  • Status: Active
  • On Site: 70 Days
  • Updated: 57 min ago
  • ID#: SR22123818
0
Beds
0
Baths
0
½ Baths
0.17
Acres
1965
Built
Neighborhood:
Vn - Van Nuys
County:
Los Angeles
Area:
Vn - Van Nuys
Property Description
INVESTMENT OVERVIEWA ten-unit apartment building located at 14224 Erwin St. in Van Nuys, CA the subject property was built in 1965 with living area of 6,127 square feet situated on a 7,501 square feet land. The unit mix is comprised of 2 (0+1) , 6 (1+1), 1 (2+1) and 1 (2+2). In addition, there is a paid plan and permit in place for a 3+1 ADU ready to be constructed upon close of escrow. Some units have been upgraded . There is laundry facilities on premises and retrofit has been completed.UPSIDE & LOAN ASSUMPTIONThere is a 30% + upside potential in rents at present. However, upon completion of ADU the upside potential will bring a 7.78% cap and 9.45 GRM. Last but not least, In this high interest rate market, buyer can be benefited by assuming the present loan with excellent rate of 3.06% for remainder term of 4-years . This is a rare value add opportunity for any investor.Call or Email Agent for more details and offering memorandum.
Exterior Features

Levels Two Lot Features Lot 6500-9999 Lot Size Area 7500.0000 Parking Total 0.00

Interior Features

Common Walls 1 Common Wall Cooling Wall/Window Unit(S) Cooling YN Yes Laundry Features Common Area Laundry YN Yes

Property Features

Additional Parcels YN No Community Features SidewalksStreet Lights Land Lease YN No New Construction YN No Pool Features None Pool Private YN No Property Attached YN Yes Property Sub Type Commercial/Residential Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Water Source Public Zoning Lard1.5

Listing provided courtesy of Akash Saini, CA DRE# 02010158, of Keller Williams Realty-Studio City.


Based on information from CRISNet MLS as of 2022-08-18T09:57:13.85. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.

The information being provided by the CSMAR MLS is for the visitor's personal, noncommercial use and may not be used for any purpose other than to identify prospective properties the visitor may be interested in purchasing. The data contained herein is copyrighted by CSMAR or one of CSMAR's datashare partners, and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Any property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the CSMAR MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. The accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.

Based on information from the i-Tech MLS as of 2022-08-18T09:57:13.85. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
 
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