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6711 Haskell Ave

Van Nuys, CA 91406
  • $3,400,000
  • STATUS: Active
  • ON SITE: 25 Days
  • MLS #: 21-102625
UPDATED: 74 min ago
$3,400,000
  • 16
    BEDS
  • 0.29
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 10,990
    SQFT
  • $309
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1962
County:
Area:

School Ratings & Info

Description

A 10,990 SF, 15-unit value-add investment opportunity in Lake Balboa, Van Nuys. The subject property is just west of the 405 Freeway and is less than 1 mile from Valley Presbyterian Hospital. This ideal location is walking distance to many desirable destinations such as Woodley Park, 99 Ranch Market, Zankou Chicken, Costco, Ace Hardware, Target, and many others. The subject property features a desirable unit mix of three singles (500 SF), eight spacious one-bedrooms (750 SF), three two-bedrooms (900 -950 SF) and one three-bedroom (1,100 SF) with 14 gated parking spaces. The soft story retrofit work has been completed. This investment provides an investor the opportunity to acquire an asset with steady in-place cash flow at a 4.18% CAP rate on current income with substantial upside of over 39%. Favorable financing is available with a quoted 65% LTV at 3.25% interest rate with possible interest only options. The majority of the units are leased at below market rents with a loss-to-lease of 28%. Being a well-maintained building with little deferred maintenance, an investor will be able to capture the upside by focusing on their interior unit renovation program. The building has a gated front entrance and a courtyard for tenants. Additionally, the property has a community laundry room with washers and dryers, is separately metered for gas and electricity and have wall air conditioning in the units. Nestled in the heart of the San Fernando Valley, Van Nuys is densely populated and has a diverse community full of economic opportunity and growth. This evolving neighborhood offers shopping, restaurants, theme parks, and benefits from the employment of the movie industry. Located less than 20 miles away from LA's Westside, Hollywood, Downtown LA, and other popular neighborhoods in the Valley, residents living in Van Nuys can easily commute throughout the city. Cutting through the middle of the neighborhood is the 405 freeway (San Diego Freeway), but the community is also near the 101 (Ventura Freeway), 170 (Hollywood Freeway), 118 (Simi Valley Freeway), and the I-5 (Golden State Freeway). Residents living in this neighborhood can also skip

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Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-12-01T09:42:21.007. 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.
www.haciendagroupinc.com/homes/123079682
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6711 Haskell Ave Van Nuys, CA 91406

  • Price: $3,400,000
  • Status: Active
  • On Site: 25 Days
  • Updated: 74 min ago
  • MLS #: 21-102625
16
Beds
0
Baths
0
½ Baths
0.29
Acres
10,990
SQFT
$309
$/SQFT
1962
Built
Neighborhood:
Lake Balboa
County:
Los Angeles
Area:
Lake Balboa
Property Description
A 10,990 SF, 15-unit value-add investment opportunity in Lake Balboa, Van Nuys. The subject property is just west of the 405 Freeway and is less than 1 mile from Valley Presbyterian Hospital. This ideal location is walking distance to many desirable destinations such as Woodley Park, 99 Ranch Market, Zankou Chicken, Costco, Ace Hardware, Target, and many others. The subject property features a desirable unit mix of three singles (500 SF), eight spacious one-bedrooms (750 SF), three two-bedrooms (900 -950 SF) and one three-bedroom (1,100 SF) with 14 gated parking spaces. The soft story retrofit work has been completed. This investment provides an investor the opportunity to acquire an asset with steady in-place cash flow at a 4.18% CAP rate on current income with substantial upside of over 39%. Favorable financing is available with a quoted 65% LTV at 3.25% interest rate with possible interest only options. The majority of the units are leased at below market rents with a loss-to-lease of 28%. Being a well-maintained building with little deferred maintenance, an investor will be able to capture the upside by focusing on their interior unit renovation program. The building has a gated front entrance and a courtyard for tenants. Additionally, the property has a community laundry room with washers and dryers, is separately metered for gas and electricity and have wall air conditioning in the units. Nestled in the heart of the San Fernando Valley, Van Nuys is densely populated and has a diverse community full of economic opportunity and growth. This evolving neighborhood offers shopping, restaurants, theme parks, and benefits from the employment of the movie industry. Located less than 20 miles away from LA's Westside, Hollywood, Downtown LA, and other popular neighborhoods in the Valley, residents living in Van Nuys can easily commute throughout the city. Cutting through the middle of the neighborhood is the 405 freeway (San Diego Freeway), but the community is also near the 101 (Ventura Freeway), 170 (Hollywood Freeway), 118 (Simi Valley Freeway), and the I-5 (Golden State Freeway). Residents living in this neighborhood can also skip
Exterior Features

Lot Size Area 12718 Other Structures None Parking Garage Covered Parking Total Parking 0

Interior Features

Baths Total 17.00 Cooling Window Unit(S) Equipment Range/OvenRefrigerator Heating Natural Gas

Property Features

Assessed Total Value 999585 Gross Income 240540 Gross Operating Income 228513 Like Units1 3 Like Units2 8 Like Units3 2 Like Units4 1 Like Units5 1 Net Operating Income 146585.00 Number Of Buildings 1 Number Of Units 15 Sale Type Standard Source Living Area Vendor Enhanced Source Lot Size Area Vendor Enhanced Total Annual Expense 81928 Type Of Units Apartments Year Built Source Vendor Enhanced Zoning Lard1.5

Listing provided courtesy of Neema Ahadian DRE#01346750 of Marcus & Millichap.


Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-12-01T09:42:21.007. 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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