14148 Delano Street

Van Nuys, CA 91401

SOLD

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Property Summary

Price:

Cap Rate:

GRM:

Gross Sq Ft:

Lot Size:

Approx Year Built:

Units:

Price Per Unit:

Price Per Sq Ft:

$1,200,000

5.50%

12.01

6,028

7,497

1958

8 (7+1 Non Conforming

$150,000

$199

Deal Highlights

Sold at 100% of List Price
Multiple Offers
First Time Multi-Family Buyer

Asset Highlights

Copper Plumbing
Excellent Unit Mix - Mostly Two Bedroom Units
Dense Rental Pocket of Van Nuys
Current 8.6 Cash on Cash Return / Pro Forma 11.3 Return(Including Non-Conforming Unit)
Onsite Parking Gated Parking
Including Non-Conforming Unit, Property is Offered for 150 a Unit, 5.5 CAP, 12.23 GRM
New Water Heater and Sump Pump Installed in 2013
Separately Metered for Gas and Electricity

Property Description

The subject property is located at 14148 Delano Street in between Van Nuys Boulevard and Hazeltine Avenue in the city of Van Nuys. This investment opportunity is a seven unit (plus one non-conforming unit) apartment complex located within a strong rental pocket of Van Nuys. This well maintained and operated rent controlled building was built in 1958. The building consists of three one-bedroom/one-bath units, four two-bedroom/one-bath units, and one nonconforming single unit.

The building contains full copper plumbing and is individually metered for gas and electricity. Carport parking and storage space is available in the rear of the property. The on-site laundry room provides the owner with additional monthly income. The owner installed a new water heater and a new sump-pump in 2013.