Consisting entirely of two-bedroom apartments, the property may be repositioned by a new investor to recapture the approximately 62% in rent upside. Under the same family ownership for the past 60 years, the asset presents an opportunity to either upgrade the existing structures or potentially redevelop the parcel, given its LAR3 zoning, Tier 1 TOC status, and ED1 eligibility. Situated near the corner of Vanowen Street and Woodman Avenue, tenants at the property will soon be within a short distance of the upcoming East San Fernando Valley Light Rail line, with a new station planned for the corner of Vanowen Street and Van Nuys Boulevard. In addition to providing quick transport within the Valley, this light rail line will offer residents convenient connections to both the Metrolink train and the Metro Orange and Red Lines. The city of Van Nuys and the Northeast San Fernando Valley posted a vacancy rate of less than three percent in the second quarter of 2023. Aside from the dense New York City boroughs, this vacancy rate sits among to lowest in the entire country among submarkets that contain at least 60,000 units. With relatively few new residential projects slated for the next two years, it is expected that these strong occupancy rates will remain, to the benefit of local landlords.
Sold for $1,125,000 on 06/21/24
$1,125,000
6901 Woodman Ave, Van Nuys, CA 91405
2beds
1baths
--sqft
Multi Family
Built in 1953
-- sqft lot
$1,112,700 Zestimate®
$--/sqft
$4,130 Estimated rent
What's special
Zillow last checked: 7 hours ago
Listing updated: July 02, 2024 at 04:16am
Listed by:
Roderick 'Rick' Raymundo DRE #01357019 818-219-6146,
Marcus & Millichap
Bought with:
Roderick 'Rick' Raymundo, DRE #01357019
Marcus & Millichap
Source: SDMLS,MLS#: 24-377985

Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 2
- Bathrooms: 1
Heating
- Other/Remarks
Cooling
- Other/Remarks
Interior area
- Total structure area: 0
Property
Features
- Levels: 1 Story
Lot
- Size: 10,010 sqft
Details
- Parcel number: 2216025013
- Zoning: LAR3
- Zoning description: LAR3
Construction
Type & style
- Home type: MultiFamily
- Property subtype: Multi Family
Condition
- Year built: 1953
Community & neighborhood
Location
- Region: Van Nuys
Services availability
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Estimated market value
$1,112,700
Get a cash offer in 3 minutes
Find out how much your home could sell for in as little as 3 minutes with a no-obligation cash offer.
Estimated market value
$1,112,700