Active
6901 Woodman Ave
Van Nuys CA, 91405
$1,159,000
$371.47 per sqft
Active
8 Beds
3,120 sqft
Residential
Built in 1953
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.
24-377985
MLSⓇ ID
April 8, 2024
Listed
April 16, 2024
Updated
Map
6901 Woodman Ave
Van Nuys CA, 91405
Interior Features
Total Stories
1
Bedrooms
8 Beds
Appliances
None
Fireplace
No
Cooling
Yes
Cooling Description
Other
Heating
Yes
Heating Description
Other
Exterior/Building Features
Lot Size
0.23 Acres
Other Property Details
Area Name
East Van Nuys
Days on Market
8
Garage
No
Parking
Assigned
Parking Total
6
View
No
County
Los Angeles
Pool
No
Zoning
LAR3
Listed by Roderick 'Rick' Raymundo with Marcus & Millichap
Listing Contact: 818-219-6146
Based on information from The MLSTM / Combined LA/Westside Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. All properties are subject to prior sale, change or withdrawal, and may or may not be listed by the office/agent presenting the information. Neither listing broker(s) nor Wolf Luxury Estates shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.
©2024 Combined L.A./Westside MLS. All rights reserved.
Data last updated 4/16/2024