1 - 6800 Variel Avenue
1 - 6800 Variel Avenue

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2 - 6800 Variel Avenue
2 - 6800 Variel Avenue

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3 - 6800 Variel Avenue
3 - 6800 Variel Avenue

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1 - 6800 Variel Avenue
1 - 6800 Variel Avenue

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6800 Variel Avenue

Canoga Park, CA 91303

SOLD
Property Summary

Price:

Lot Size:

Zoning:

$900,000

15,246 SF

(Q) LAR3-1

Deal Highlights
  • Sold at 99% of List Price

  • Multiple Offers

  • All Cash Buyer

  • Non Contingent Into Escrow

Asset Highlights
  • Attractively Priced at $66/Land SF or $58,000/Per Buildable Unit, 6800 Variel is Being Offered at an Inherently Low Cost Basis at a Time when Multifamily Operations and Values are Rising

  • Construction Drawings Have Been Submitted to Plan Check—Please Contact Listing Agent for Status of Comments and Revisions

  • Adjacent to Warner Center, a Major Employment Hub of Los Angeles County (approximately 50,000 jobs)

  • Ideal Unit Mix for This Market with 60% of the Total Unit Mix Composed of 3b/2b floor plans

  • Low density construction and on-grade parking design allows buyers to minimize construction costs.

  • Adjacent to the Canoga Park Metro Station Offering Resident Myriad Public Transportation Options

Property Description

The subject property resided at 6800 Variel, a 17-unit multifamily development site located at the northeast corner of Variel Avenue and Vanowen Street. Situated less than 1/2 mile away from the heart of Warner Center (a major employment hub consisting of over 50,000 jobs), 6800 Variel is uniquely positioned to a offer quiet, low density rental alternative to families and professionals who seek to remain close to their place of work but want to avoid the large apartment complexes that generally occupy the market area.

 

Designed as three stories of residential over one story of parking (27 total stalls), the projects consists of 16,884 net rentable square feet with unit floor plans averaging 1,055 SF. Because the project’s parking structure is on-grade (one level of CMU block wall construction) buyers will be able to avoid the risks, costs, and extended time frames associated with building a subterranean parking structure. The current ownership has prepared and submitted construction drawings to Plan Check.