7058 Remmet Ave, Canoga Park, CA 91303
10 Unit Apartment Building | $2,395,000 ($239,500/Unit) | 3.40% Cap Rate | Canoga Park, CA 91303
For Sale
Active
Asking Price $2,395,000
- Property Type
-
Multifamily
- Square Feet
- 5,232 SF
Listing Contacts
Jared Levine
- Property Info
Property Overview
READY TO SELL - Jared Levine of JML Real Estate Group / KW Commercial, the exclusive listing agent, is pleased to present the opportunity to acquire the Remmet Apartments (Canoga Park) in the sub market of Woodland Hills and in close proximity to Warner Center. This offering includes nine (9) units plus one (1) guest room built in 1964 with a foot print of approximately 5,232 SF, sitting on a 7,478 SF corner lot zoned LAR3. The building has been owned and managed under the current ownership since 1999 and has both parking and laundry. Remmet Apartments offers an investor a true value add opportunity with approximately 33% (+/-) potential upside in rents and is a great alternative to the surrounding inventory of new and expensive rentals. Over the course of ownership the Seller has invested in CAPEX upgrades to the property which offers additional benefits to any prospective new owner. Currently the property has no tenant balances or delinquencies due to COVID.
Woodland Hills has emerged as a focal point for residential construction in Los Angeles County. The combination of desirable demographics, pro-growth policies, and a dense concentration of employers present a favorable environment for apartment construction. The L.A. City Council has approved the Warner Center 2035 plan, which aims to transform the sub-market into a "transit-oriented district". Plans to achieve this are through the doubling of available commercial space from 15 million SF to 30 million SF, the lifting of building height restrictions, and the addition of more than 18,000 residential units. The plan is already bearing fruit in the form of accelerating residential development and, if fully realized, could transform Warner Center into the first high-density urban center in the traditionally sprawling, suburban San Fernando Valley.
This well located asset offers an investor a great opportunity to secure a maintained apartment building in a high demand and growth sub market with value add potential thru reposition and renovation.
Please contact us for an OM or with any questions.
Woodland Hills has emerged as a focal point for residential construction in Los Angeles County. The combination of desirable demographics, pro-growth policies, and a dense concentration of employers present a favorable environment for apartment construction. The L.A. City Council has approved the Warner Center 2035 plan, which aims to transform the sub-market into a "transit-oriented district". Plans to achieve this are through the doubling of available commercial space from 15 million SF to 30 million SF, the lifting of building height restrictions, and the addition of more than 18,000 residential units. The plan is already bearing fruit in the form of accelerating residential development and, if fully realized, could transform Warner Center into the first high-density urban center in the traditionally sprawling, suburban San Fernando Valley.
This well located asset offers an investor a great opportunity to secure a maintained apartment building in a high demand and growth sub market with value add potential thru reposition and renovation.
Please contact us for an OM or with any questions.
Property Details
- Class
- C
- Year Built
- 1964
- Stories
- 2
- Lot Size (sq. ft)
- 7,405 SF
- Units
- 10
Highlights
- GREAT LOCATION WITHIN WOODLAND HILLS SUBMARKET AND CLOSE TO WARNER CENTER, WESTFIELD, ROCKET DYNE DEV SITE
- VALUE ADD OPPORTUNITY WITH UPSIDE POTENTIAL THROUGH RENOVATION
- NO SOFT STORY RETROFIT REQUIRED FOR EXISITING PARKING | ON-SITE LAUNDRY (OWNED)| CORNER LOT
- NO COVID BALANCES OR DELINQUENCIES
- DURING SELLER'S OWNERSHIP THERE HAS BEEN INVESTMENTS IN GENERAL CAPEX IMPROVEMENTS SUCH AS ROOF and PLUMBING
- OWNED BY THE SELLER SINCE 1999
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