SUNNYRIDGE APARTMENTS

9147 Van Nuys Boulevard

Panorama City, CA 91402

OFFERING METRICS

LISTING PRICE

$6,250,000

CAP RATE

3.14%

GRM

16.91

PRICE PER UNIT

$297.619

PRICE PER SF

$292

PROPERTY OVERVIEW

Located on Van Nuys Boulevard in Panorama City, California along the approved future East Valley Transit Corridor, this 21+1 apartment complex has been renovated with most units maintaining updated interiors and exteriors and offers a buyer to purchase an asset with huge 30% rental  upside. With a unit mix of (14) - 2 bed / 2 bath , (7) - 1 bed / 1 bath, and non-conforming (1) – Studio / 1 bath units

Updates to the asset include updated entry, telecom systems, replacement of all windows, new wood paneling in courtyard, new awnings, updated units, replacement of a/c units, and gas shut off valves.

Currently, there is a non-conforming studio with the opportunity to a legal 22nd unit (buyer to verify). Upon legalization, the unit will be designated as affordable and will maintain a 55-year period of affordability at 50% of Area Median Income. 

With the asset's great location within proximity to Kaiser Permanente and retailers, an owner is given a great investment for growth that will prove increased rental rates and improving demographics. 

 

OPPORTUNITY HIGHLIGHTS

  • Renovated apartment complex with updated Interiors and exteriors

  • Over 30% upside in rental potentail

  • Great unit mix of (14)- 2 Bed / 2 Bath and (7) - 1 Bed / 1 Bath units

  • Potential to convert non-confirming studio into a legal 22nd unit (Buyer to Verify)

  • All units maintain a patio or balcony

  • On-site laundry room with current lease in place

  • Secure entry with telecom system

  • Located directly  on the approved East San Fernando Valley Transit Corridor with a stop slated for Nordhoff Street and Van Nuys Boulevard

 

LOCATION MAP

 

CONTACTS

CASEY PICARD
Managing Partner

626.376.9224

Casey.Picard@AggregateIP.com

Cal BRE #01921866