Rare LAR3 zoned development or value add income opportunity in a prime pocket of Van Nuys. This property features four 2 bed 1 bath cottage style units with three detached buildings offering private entries and attached 1 car garages. Sitting on an oversized 10,107 square foot lot measuring approximately 50… Read More feet wide by 202 feet deep. The rear unit has a large private backyard and will be delivered vacant which is ideal for an owner user or a premium tenant. All units are currently occupied on month to month leases with consistent paying tenants generating $4231 per month with market rents supporting approximately $9,500 per month before renovations. There is meaningful upside potential for investors seeking immediate reposition opportunities. The units are separately metered for gas and electricity which adds operational flexibility for long term investors or owner users. For developers the oversized R3 lot supports approximately 12 units by right and up to approximately 20 units with TOC Tier 3 incentives which the buyer should verify. The depth of the lot provides excellent design flexibility for efficient massing site plans and potential ADU additions or small scale expansion which the buyer should verify. The property is located south of Victory Boulevard and east of Van Nuys Boulevard with close proximity to freeways schools retail transit and major employment hubs. Read Less
Property listed by Compass, Samuel Woldeyesus 310-259-7556
Listing Snapshot
Days Online
362
Last Updated
Property Type
Quadruplex
Lot Size
0.23 Acres
Year Built
1955
MLS Number
OC25130493
Additional Details
Building
Built in 1955, 3 buildings, 1 storey, Entry level: 1, Entry location: Multiple Entrance
Community
StreetLights, Sidewalks
Expenses
Operating: $33,427
Garage
4 spaces
Income
Gross Income: $79,848, Gross ScheduledIncome: $79,848, Net Operating Income: $46,421
Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. 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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