Covered Land Opportunity in Van Nuys! 15624-15628 Vanowen St
8 Unit Apartment Building $3,282,698 CAD ($410,337 CAD/Unit) 5.21% Cap Rate Van Nuys, CA 91406
INVESTMENT HIGHLIGHTS
- Great covered land opportunity in Van Nuys, California
- Unlimited density for an affordable housing developer. A developer can fit as many units necessary through their design (Buyer to verify)
- Total square footage of current rental units are ±6,870 on a ±20,650 square foot lot
- Property currently operates as an 8-unit apartment complex with monthly income of $15,270. 2 single family homes and a 6-unit apartment complex
- Build up to 39 units utilizing Transit Oriented Communities (Buyer to verify)
- The investment opportunity offers cash flow while going through the entitlement process
EXECUTIVE SUMMARY
This property in Van Nuys, California, presents a prime covered land opportunity featuring an existing eight-unit apartment complex situated on a ±20,650 square foot lot, with a PROPERTY OVERVIEW total rental unit space of ±6,870 square feet. Currently generating a monthly income of $15,270, the property includes two single-family homes alongside the six-unit apartment complex. For developers, the site offers unlimited density for affordable housing projects, allowing for flexible unit design and the potential to build up to 39 units under transit oriented community guidelines. Conveniently located adjacent to the 405 Freeway, with easy access to Highway 101 and Lake Balboa Park, this location provides excellent connectivity and development potential.
DATA ROOM Click Here to Access
- Offering Memorandum
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
PROPERTY FACTS
| Price | $3,282,698 CAD |
| Price Per Unit | $410,337 CAD |
| Sale Type | Investment |
| Cap Rate | 5.21% |
| Gross Rent Multiplier | 12.55 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.47 AC |
| Building Size | 6,870 SF |
| No. Stories | 2 |
| Year Built | 1956 |
| Parking Ratio | 1/1,000 SF |
UNIT AMENITIES
- Air Conditioning
- Storage Space
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 5 | $3,024 CAD | - |
| 3+1 | 1 | $2,862 CAD | - |
| 1+1 | 2 | $2,498 CAD | - |
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PROPERTY TAXES
| Parcel Number | 2234-004-026 | Improvements Assessment | $394,106 CAD |
| Land Assessment | $1,103,532 CAD | Total Assessment | $1,497,638 CAD |
ZONING
| Zoning Code | R3, Los Angeles (LAR3 Allows for 1 Unit per 800 SF of lot area. By utilizing transit oriented communities, 39 units are allowed. 100% allows for unlimited density.) |
