17-Unit Multifamily Development Project with Approved Plans
Address:
6701 Woodley Avenue
Van Nuys, CA 91406
Number of Units: 17
Living Space: 19,389 sq ft
Unit Mix: see below
Stories: 3 plus basement
Lot Size: 13,000 sq ft
Asking Price: $975,000
View approved plans >>
This is a great opportunity to purchase a multifamily development project in the City of Van Nuys, just North of Los Angeles. Owner has entitlements and approved plans for a 17-unit multifamily building with underground parking. The project includes 2 three-bedroom and 15 two-bedroom units with an average size of 1,140 square feet.
The property is located on Woodley Avenue, between Victory Blvd and Vanowen Street. Extremely easy access to 405 and 101 Freeways. 1 block away from Orange Metro Line at Victory, 1 block from Van Nuys Airport on Vanowen. Surrounded by many multifamily properties including several recent successful condo developments. Land currently has 5 older homes which will be delivered vacant at the close of escrow. High concentration of recreation area including Van Nuys Golf Course (1 block away), Woodley Park (1 block away), Sepulveda Dam Recreation Area, Encino Balboa Golf Course, Balboa Sports Center, Hjelte Sports Center. See map.
| Projected Rental Income based on market rental rate of $1.50/sq ft |
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| Unit # | Description | 1st Floor Sq. Ft. | 2nd Floor Sq. Ft. | Total Sq. Ft. | Monthy Rent |
| 101 | 3 Bed & 2.5 Bath | 612 | 793 | 1,405 | $2,108 |
| 102 | 2 Bed & 2.5 Bath | 523 | 652 | 1,175 | $1,763 |
| 103 | 2 Bed & 2.5 Bath | 554 | 657 | 1,211 | $1,817 |
| 104 | 2 Bed & 2.5 Bath | 554 | 651 | 1,205 | $1,808 |
| 105 | 3 Bed & 3.5 Bath | 554 | 970 | 1,524 | $2,286 |
| 106 | 2 Bed & 2.5 Bath | 482 | 597 | 1,079 | $1,619 |
| 107 | 2 Bed & 2.5 Bath | 482 | 568 | 1,050 | $1,575 |
| 108 | 2 Bed & 2.5 Bath | 482 | 567 | 1,049 | $1,574 |
| 109 | 2 Bed & 2.5 Bath | 538 | 610 | 1,148 | $1,722 |
| 110 | 2 Bed & 2.5 Bath | 540 | 586 | 1,126 | $1,689 |
| 111 | 2 Bed & 2.5 Bath | 474 | 628 | 1,102 | $1,653 |
| 301 | 2 Bed & 2 Bath | 1,143 | 1,143 | $1,715 | |
| 302 | 2 Bed & 2 Bath | 1,117 | 1,117 | $1,676 | |
| 303 | 2 Bed & 2 Bath | 1,029 | 1,029 | $1,544 | |
| 304 | 2 Bed & 2 Bath | 974 | 974 | $1,461 | |
| 305 | 2 Bed & 2 Bath | 1,029 | 1,029 | $1,544 | |
| 306 | 2 Bed & 2 Bath | 1,023 | 1,023 | $1,535 | |
| Monthly Gross Rental Income | $29,084 | ||||
| Annual Gross Rental Income | $349,002 | ||||
| 35% expense | $122,151 | ||||
| 3% vacancy | $10,470 | ||||
| Net Operating Income | $216,381 | ||||
Disclaimer: all information herein is believed to be correct, but we do not guarantee its accuracy and rely on prospects to rely only on their own investigations.