12 Units | Van Nuys | Built 1984

Highlights:

• Built in 1984 | Non-RSO Property
• Only Subject to AB 1482
• All 2 Bed / 2 Bath Units
• Fully Parked | 24 Parking Spots
• Central HVAC | Onsite Laundry
• Gated and Controlled Access
• Tier 3 Section 8 ($2,952 Max Rent)
• First Time for Sale in 20+ Years

Description:

The LAAA Team of Marcus & Millichap is 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 (currently set at about 8.5% annual increases).

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 approximately 24 percent upside in rents, this property offers a great opportunity to acquire a well-positioned asset in an up-and-coming area with good value-add potential. 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.

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