SVN is proud to present this 6 unit Multi-Family Property Located on 14846 Friar St., Van Nuys, CA 91411. Property is located just south of the intersection of Victory Boulevard and Kester Avenue. It is in close proximity to the 405 Freeway, Van Nuys Airport, Golf course, Wildlife Reserve and major thoroughfares of the San Fernando Valley including Sepulveda Blvd., Victory Blvd., Oxnard St. and Sherman Way. The subject property is less than a 10 minute walk to Van Nuys High School and local retail, shops and restaurants on Victory Blvd.
This 6 unit property consists of all 2+2 units (average 1,000+ SF each) with high end finishes (including a Samsung fridge, dishwasher), 2 floors with 3 units on each level and 2 parking spaces per unit. Property also features a community space located on the south side of the building as well as a laundry room with 2 washers and 2 dryers. Elevator is provided for handicap individuals to the first floor.
MOST NOTABLE BENEFIT: This brand new and turnkey property is located in an Opportunity Zone! Qualified Opportunity Funds and 1031 Exchange Buyers will be able to take advantage of unique tax advantages, including a step up in basis of 15% if held for at least seven years (10% if held for five years) AND in addition, if held for more than ten years, Investors may eliminate all capital gains accrued with the Ozone property from the day of purchase! To potentially qualify, the original use must commence with the Opportunity Fund/Capital Gains Investor in the Opportunity Zone. Property will be delivered prior to obtaining certificate of occupancy, seller has a short timeframe to sell to an O-Zone buyer.
**All buyers all buyers and investors must conduct their own due diligence of the opportunity zone regulations and consult their respective consultants. Our team can refer O-Zone specialists, if needed.
Van Nuys is a neighborhood in the city of Los Angeles in the San Fernando Valley region of Los Angeles County. Bordering and nearby areas include Sherman Oaks, North Hollywood, North Hills, Panorama City, Valley Glen, Lake Balboa, Northridge, and the Sepulveda Basin. Within the Community Plan Area "Van Nuys - North Sherman Oaks," a wave of new multifamily development has progressively moved north along the neighborhood, which provides an increasingly attractive location for Residents to live and for Developers to invest. Population is approximately 102,000 individuals with an average household income of $66,000. Van Nuys has historically been a stagnant multifamily submarket with little new development, but the pipeline is growing as robust rent growth earlier this cycle helped jump start development. Demand remains strong, keeping the submarket vacancy rate among the lowest in LA despite accelerated construction in recent years. Van Nuys rents rank among the lowest in LA, but low-priced submarkets are capturing the lion's share of rent growth in recent quarters. Van Nuys is traditionally one of the least expensive submarkets in LA to invest in, but investors have taken note of the improving fundamentals, and prices have risen steadily for most of the cycle. The February 2018 sale of the recently completed IMT Sherman Circle was the largest multifamily trade in submarket history.