7058 Remmet Ave, Canoga Park, CA 91303, USA

Active

$2,395,000

Remmet Apartments

Property Description

Pleased to present the opportunity to acquire the Remmet Apartments (Canoga Park) in the sub market of Woodland Hills and in close proximity to Warner Center. This offering includes nine (9) units plus one (1) guest room built in 1964 with a foot print of approximately 5,232 SF, sitting on a
7,478 SF corner lot zoned LAR3. The building has been owned and managed under the current ownership since 1999 and has both parking and laundry. Remmet Apartments offers an investor a true value add opportunity with approximately 33% (+/-) potential upside in rents and is a great alternative to the surrounding inventory of new and expensive rentals. Over the course of ownership, the Seller has invested in CAPEX upgrades to the property which
offers additional benefits to any prospective new owner. Currently the property has no tenant balances or delinquencies due to COVID. This well located asset offers an investor a great opportunity to secure a maintained apartment building in a high demand and growth sub market with value add potential thru reposition and renovation.

Please contact us to request an OM.

Contact Agent

Jared M. Levine

818.657.6556

Property Details

Property Type

Multifamily

Units

Size

Year Built

9

5,232

1964

GRM

15.8

Cost Per Unit

$239,500

Market GRM

11.94

Cost Per Foot

$457

CAP Rate

3.44

Market CAP Rate

5.42

Property Location

7058 Remmet Ave, Canoga Park, CA 91303, USA