$3,395,000
7900 Willis Avenue Panorama City, CA 91402
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$3,395,000
Est. payment /mo
3 Beds
2 Baths
0.84 Acres Lot
UPDATED:
08/31/2024 05:39 PM
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Pending
Purchase Type For Sale
MLS Listing ID SR24163292
Bedrooms 3
HOA Y/N No
Lot Size 0.840 Acres
Property Description
These three adjacent properties on Willis Avenue in Panorama City have incredible potential. First, there is tremendous upside in rents with a projected 7.37 GRM and approximately a 10% cap rate based on market rents. Additionally, at $141,500 per unit, this is well below comparable sales given the sheer upside in rents. In addition, the property sits on 36,600 square feet of R3 zoned land with a Tier 3 TOC (70% bonus) allowing for up to 78 units to be developed.
These three adjacent properties on Willis Avenue in Panorama City have incredible potential. First, there is tremendous upside in rents with a projected 7.37 GRM and approximately a 10% cap rate based on market rents. Additionally, at $141,500 per unit, this is well below comparable sales given the sheer upside in rents. In addition, the property sits on 36,600 square feet of R3 zoned land with a Tier 3 TOC (70% bonus) allowing for up to 78 units to be developed.
These three adjacent properties on Willis Avenue in Panorama City have incredible potential. First, there is tremendous upside in rents with a projected 7.37 GRM and approximately a 10% cap rate based on market rents. Additionally, at $141,500 per unit, this is well below comparable sales given the sheer upside in rents. In addition, the property sits on 36,600 square feet of R3 zoned land with a Tier 3 TOC (70% bonus) allowing for up to 78 units to be developed.
Location
State CA
County Los Angeles
Area Panorama City (91402)
Zoning Assessor
Exterior
Garage Unit1:Assigned
Building
Lot Description Curbs, Sidewalks
Story 1
Level or Stories 1 Story
Others
Monthly Total Fees $107
Acceptable Financing Cash
Space Rent $935
Listing Terms Cash
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Listed by Warren Berzack • Lee & Associates
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