14248 Gilmore St Los Angeles, CA 91401

Property Details for 14248 Gilmore St

Year built

1960

Property size

4,931 SF

Property type

Apartment buildings

Description

This 7-unit apartment building in Van Nuys, CA, offers a compelling value-add investment opportunity. Built in 1960, the two-story property comprises 4,931 square feet on a 7,500 square foot lot, zoned LA[Q]RD1.5-1. The unit mix includes one 2-bedroom/1-bathroom unit, five 1-bedroom/1-bathroom units, and one single unit, averaging approximately 704 square feet each. Eleven parking spaces are available for residents. Select units feature recent updates including new flooring, paint, wall AC units, mirrored closets, and updated kitchens. The building offers on-site laundry and includes water and trash services. Located in a desirable area with a WalkScore of 85, the property enjoys proximity to shopping, dining, parks, and major freeways (405, 101, 170). It's also conveniently located 0.7 miles from the Van Nuys Metro G Line station. The property's front garages present a potential ADU conversion opportunity, further enhancing its investment potential. The asking price is $1,400,000, representing a price per unit of $200,000 and a price per square foot of $283.92. The property boasts a Net Operating Income (NOI) of $58,234 and a cap rate of 4.16%. The East San Fernando Valley Light Rail Transit Project, currently under development, will further improve connectivity and transportation options. This property is well-suited for an investor seeking to capitalize on the strong rental market and potential for appreciation in the Van Nuys submarket.