Marcus & Millichap is pleased to present 13825 Vanowen Street, a 14-unit multifamily property located in the Valley Glen (Van Nuys) neighborhood of the San Fernando Valley. Situated on a large corner lot with strong visibility along one of the Valley’s major thoroughfares, the two-story building contains 10,793 rentable square feet. Even with the possibility to quickly capture market rents since two units are scheduled to be delivered vacant at close of escrow, the remainder of the building features rents that are approximately 36% below market level, allowing the opportunity to continually improve income.
Rent growth has been steady in Valley Glen, one of the denser neighborhoods of Van Nuys, near the borders of Valley Village and North Hollywood. Through the third quarter of 2018, average effective rents have increased by 2.7%. Meanwhile, vacancy rates have remained tighter than the Los Angeles Metro average, with Van Nuys only reaching a 2.7% vacancy rate, one of the lowest in the metro area, compared to 36% for Greater Los Angeles.
The property provides ample parking for tenants, with dedicated space for 20 vehicles. The on-site laundry facilities allow a new owner to benefit from an additional stream of income. Tenants enjoy the building’s convenient access to the 101, 170, and 405 Freeways, in addition to the Los Angeles Metro Bus and Orange Line stations in the more immediate area.
