14011 Sherman Way Los Angeles, CA 91405

Property Details for 14011 Sherman Way

Year built

1963

Property size

9,328 SF

Property type

Apartment buildings

Description

This 13-unit apartment building in Van Nuys, CA, presents a compelling investment opportunity. The property, located at 14011 Sherman Way, boasts 9,328 square feet on a 12,366 square foot lot and features a mix of studio, one-bedroom, and two-bedroom units. Built in 1963, this two-story Class B building currently enjoys 100% occupancy, generating a Net Operating Income (NOI) of $151,127, with a projected NOI of $213,859. The asking price is $2,795,000, representing a price per square foot of $316.14 and a price per unit of $215,000. The property's current cap rate is 5.41%, with a pro-forma cap rate of 7.65%. Owner financing is available at 4.75% interest for five years. The property is zoned LAR3 and includes on-site parking and individually metered gas and electricity. Seismic retrofitting has been completed. This well-located building offers significant upside potential and is situated on a major thoroughfare, providing convenient access to local amenities, schools, parks, and transportation. The unit mix includes one studio, seven one-bedroom/one-bath, four two-bedroom/one-bath, and one two-bedroom/two-bath unit. Each unit features contemporary interiors with well-appointed kitchens and living areas. The property's APN is 2216-002-041. This is a rare opportunity to acquire a stabilized multifamily property with attractive financing terms in a desirable Los Angeles location.