7961 WILLIS AVE PANORAMA CITY, CA 91402

Features

• Price/sqft: $201
• Lot Size: 18218
• Total Units: 19
• Total Rooms: 5
• Room List: Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
• Construction Type: Wood

Facts

• Year Built: 01/01/1966
• Property ID: 881328291
• MLS Number: 24-388019
• Parcel Number: 2209-040-019
• Property Type: Townhouse or Condo
• County: LOS ANGELES
• Listing Status: Active

Sale Type

This is an MLS listing, meaning the property is represented by a real estate broker, who has contracted with the home owner to sell the home.

Description

This listing is NOT a foreclosure. 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.