13253 Vanowen St Los Angeles, CA 91605

Property Details for 13253 Vanowen St

Year built

1984

Property size

11,368 SF

Property type

Apartment buildings

Description

This exceptional value-add opportunity presents a 17-unit apartment building located at 13253 Vanowen Street, Los Angeles, CA 91605. The property boasts 11,368 square feet on a 13,652 square foot lot, featuring 17 covered parking spaces. Built in 1984, this two-story building is not subject to Los Angeles Rent Control or RSO regulations. Currently operating at 88% occupancy, the property generates a Net Operating Income (NOI) of $229,168, with a pro-forma NOI of $267,842, representing a 6.03% cap rate and a pro-forma cap rate of 7.05%. The asking price is $3,800,000, translating to $223,529.41 per unit and $334.27 per square foot. The building features several balconied units, on-site laundry facilities, and gated access. Utilities are separately metered for gas and electric, with master metering for water. Situated in the desirable Valley Glen submarket of the San Fernando Valley, this property benefits from strong demand drivers and offers significant upside potential through upcoming rent increases and the potential to fill three currently vacant units at market rate. The property is zoned LAR3. This investment presents a compelling opportunity for investors seeking a stable asset with substantial growth potential in a resilient market. The building's features, location, and current market conditions combine to create a strong value proposition.