We are pleased to present for sale the 12-unit multifamily property located at 6716 Sylmar Avenue in Van Nuys, California. Built in 1984, the property is not subject to LA Rent Control (RSO) and is governed only by AB 1482, allowing for annual rent increases of 5% + CPI (maximum of 10 percent).The property features 12 two-bedroom, two-bathroom units, each approximately 833 square feet, with easy-to-manage family tenants in nearly all units. The property has a gated and controlled entrance, 24 total parking spaces (12 tandem), central heating and air, an onsite laundry room with two washers and two dryers (machines are leased), and 12 large storage closets. Importantly, the tuck under parking is exempt from the city's mandatory seismic retrofit program because the property was built in the 1980s.With an estimated 14% rent upside compared to market rents, this property presents a prime opportunity to acquire a well-located asset in a rapidly improving area with strong value-add potential. Additional upside can be realized by achieving the maximum Section 8 rent of $2,952 per month for two-bedroom units in the 91405 ZIP code (Tier 3 of the Section 8 payment standards). Thoughtfully maintained by the current ownership for over 20 years, recent improvements include a GE Enduris silicone-coated roof, repaired copper plumbing, and replaced air conditioners and heaters in select units. The property's strategic location in a budding pocket of Van Nuys benefits greatly from nearby new construction and proximity to key amenities. With no seismic retrofitting required and a significant rental upside, this investment presents a compelling opportunity for investors looking to capitalize on value-add potential and steady tenant demand. Schedule a Private Showing

Listed By CRMLS_CA / Filip Niculete / Marcus & Millichap

Last checked: Checking… • Last updated Feb 21, 2025 • Source: CRMLS_CA

MLS# 25501183 — Report a problem