$3,150,000
$3,150,000
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7961 Willis AVE Panorama City, CA 91402
26 Beds
23 Baths
15,621 SqFt
Key Details
Sold Price $3,150,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 15,621 sqft
Price per Sqft $201
MLS Listing ID 24388019
Sold Date 08/30/24
Bedrooms 26
HOA Y/N No
Year Built 1966
Lot Size 0.418 Acres
Property Description
The two story apartment consists of four 2 bedroom/ 2 bathroom units, three 2 bedroom/ 1 bathroom units, and the remainder of twelve 1 bedroom/ 1 bathroom units. Some of the units include balconies. The roof has been newly updated and the soft story retrofit work has been completed. Additionally there are 19 parking spots. The building size is 15,621 square feet that is built on a 18,221 square foot lot. The zoning is LAR3 Tier 3 TOC. The investment opportunity is located in the vibrant and up and coming neighborhood of Panorama City. Located within blocks of the existing Panorama Mall, the future site of a planned 4.5 million square foot mixed use development site. Included in the proposal are 70,000 square feet of restaurant space, 125,000 square feet of retail space, 146,000 square feet of open space,and 90,000 square feet of entertainment space. 7961 Willis Avenue is a 0.7 mile 14 minute walk from the Metrolink Ventura County Line at the Van Nuys Metrolink Station stop.A noteworthy development project currently in the San Fernando Valley, the light rail line will connect the Metrolink Train Line inVan Nuys , the Metro Orange Line, the Metrolink Train Line in Van Nuys, and the Metrolink Train Line in Sylmar/San Fernando.The majority of the new transit line will run along the median of Van Nuys Boulevard, with a station planned within blocks of the subject property. With current rents approximately 60% below market rates, a savy investor can capitalize on this rent upside to create increasing cash flow even before the neighborhood improves with the pending development projects. An additional revenue stream is provided by the on-site laundry facilities.
Location
State CA
County Los Angeles
Area Pc - Panorama City
Zoning LAR3
Rooms
Ensuite Laundry See Remarks
Interior
Laundry Location See Remarks
Cooling Central Air
Fireplace No
Laundry See Remarks
Exterior
Total Parking Spaces 19
Building
Entry Level One
Level or Stories One
New Construction No
Others
Senior Community No
Tax ID 2209040019
Special Listing Condition Standard
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Bought with Meir Frydman • KW Advisors