For more information regarding the value of a property, please contact us for a free consultation.
Key Details
Sold Price $3,300,000
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Sold
Purchase Type For Sale
MLS Listing ID SR24163292
Sold Date 11/26/24
Bedrooms 3
HOA Y/N No
Lot Size 0.840 Acres
Property Description
These three adjacent properties on Willis Avenue in Panorama City have incredible potential. First, there is tremendous upside in rents with a projected 7.37 GRM and approximately a 10% cap rate based on market rents. Additionally, at $141,500 per unit, this is well below comparable sales given the sheer upside in rents. In addition, the property sits on 36,600 square feet of R3 zoned land with a Tier 3 TOC (70% bonus) allowing for up to 78 units to be developed.
These three adjacent properties on Willis Avenue in Panorama City have incredible potential. First, there is tremendous upside in rents with a projected 7.37 GRM and approximately a 10% cap rate based on market rents. Additionally, at $141,500 per unit, this is well below comparable sales given the sheer upside in rents. In addition, the property sits on 36,600 square feet of R3 zoned land with a Tier 3 TOC (70% bonus) allowing for up to 78 units to be developed.
Location
State CA
County Los Angeles
Area Panorama City (91402)
Zoning Assessor
Exterior
Parking Features Unit1:Assigned
Building
Lot Description Curbs, Sidewalks
Story 1
Level or Stories 1 Story
Others
Monthly Total Fees $107
Acceptable Financing Cash
Space Rent $935
Listing Terms Cash
Read Less Info
Want to know what your home might be worth? Contact us for a FREE valuation!
Our team is ready to help you sell your home for the highest possible price ASAP
Bought with San Diego
GET MORE INFORMATION