7961 Willis Avenue

Panorama City, CA 91402

$3,150,000

Listed Price
N/A

bed Beds

N/A

shower Baths

N/A sqft

straighten $201 / sqft

1966

calendar_month Built

Property Description

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.

Interior Features

Bedroom Information
Bedrooms N/A
Bathroom Information
Bathrooms N/A
Interior Information
Cooling Type Central Air

Listing Information

Address 7961 Willis Avenue
City Panorama City
State CA
Zip 91402
County Los Angeles
Listing Agent Meir Frydman DRE#01910722
Courtesy Of KW Advisors
MLS 24388019
List Price $3,150,000
Status Active Under Contract
Type Residential Income
Structure Size N/A
Lot Size 18,223
Year Built 1966
DOM 7

Exterior Information

Maps

Listing information courtesy of: Meir Frydman, KW Advisors . *Based on information from the Association of REALTORS/Multiple Listing as of May 9th, 2024 at 5:17 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.