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6500 Shirley Ave

16 Unit Apartment Building $4,812,311 CAD ($300,769 CAD/Unit) Reseda, CA 91335

Investment Highlights

  • Twin 8 unit buildings on separately deeded lots
  • Below market rents - HUGE UPSIDE
  • Huge lot - 22,859 sq.ft.
  • Long term owner - 1st time on the market in over 35 years
  • Excellent unit mix - 8 - 1bd+1ba & 8 - 2bd+1ba units
  • New electrical panels

Executive Summary

16 units in quiet Reseda neighborhood. Twin 8 - unit buildings that are
separately deeded. 6500 & 6510 Shirley Ave. Huge lot - 22,859 sq. ft. with beautiful courtyard. Excellent
unit mix - 8 - 1 bedroom + 1 bath and 8 - 2 bedroom + 1 bath units. The
buildings were built in 1958 and there is 11,754 sq. ft. of building. Long term
owner. The rents are significantly below market with over 50% upside in the
rents. Onsite laundry. Individually metered for gas and electricity. New electrical
panels. Because the buildings are on separately deeded parcels, an onsite
manager is not required although there is one. The CAP rate increases to 4.53%
without an onsite manager.
There is an excellent assumable loan with Chase. The current loan balance is
$1,077,393, 3.25% fixed until 02/2029. The current monthly payment is
$5,442.42. The property is centrally located in the San Fernando Valley with easy
freeway access. Close to California State University, Northridge, Pierce Junior
College, Warner Center and the Topanga Plaza Shopping Mall. **The property
can be purchased along with 19406 Gilmore Ave, 6 units located only 7 parcels
from the subject property

Attachments

Shirley OM

Financial Summary (Pro forma - 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 $99,999 $9.99
Operating Expenses $99,999 $9.99
Total Expenses $99,999 $9.99
Net Operating Income $99,999 $9.99

Financial Summary (Pro forma - 2024) Click Here to Access

Gross Rental Income (CAD)
Annual $99,999
Annual Per SF $9.99
Other Income (CAD)
Annual $99,999
Annual Per SF $9.99
Vacancy Loss (CAD)
Annual $99,999
Annual Per SF $9.99
Effective Gross Income (CAD)
Annual $99,999
Annual Per SF $9.99
Taxes (CAD)
Annual $99,999
Annual Per SF $9.99
Operating Expenses (CAD)
Annual $99,999
Annual Per SF $9.99
Total Expenses (CAD)
Annual $99,999
Annual Per SF $9.99
Net Operating Income (CAD)
Annual $99,999
Annual Per SF $9.99

Property Facts

Price $4,812,311 CAD
Price Per Unit $300,769 CAD
Sale Type Investment
Gross Rent Multiplier 12.6
No. Units 16
Property Type Multifamily
Property Subtype Apartment
Apartment Style Low Rise
Building Class C
Lot Size 0.52 AC
Building Size 11,754 SF
Average Occupancy 100%
No. Stories 2
Year Built 1958
Parking Ratio 1.36/1,000 SF

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
1+1 8 $1,977 CAD -
2+1 8 $2,236 CAD -
Bike Score ®
Very Bikeable (75)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

PROPERTY TAXES

PROPERTY TAXES

Parcel Numbers
Multiple
  • 2131-025-016
  • 2131-025-015
Land Assessment
$997,168 CAD
Improvements Assessment
$1,207,113 CAD
Total Assessment
$2,204,281 CAD
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2024

zoning

Zoning Code LAR3
LAR3
  • Listing ID: 33598471

  • Date on Market: 2024-10-22

  • Last Updated:

  • Address: 6500 Shirley Ave, Reseda, CA 91335

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