6500 Shirley Ave Reseda, CA 91335-5750

Property Details for 6500 Shirley Ave

Year built

1958

Construction

WOOD

Lot size

0.25 lot acres

Property size

5,881 SF

Zone code

LAR3

Property type

Apartment buildings

APN

2131-025-015

APU

2131025015

Description

This exceptional investment opportunity presents a 16-unit apartment building situated on a substantial 22,859 square foot lot in the desirable Reseda neighborhood of Los Angeles, CA. The property comprises two separately deeded, two-story buildings, each housing eight units. Built in 1958, the 11,754 square foot complex boasts a mix of eight one-bedroom, one-bathroom units and eight two-bedroom, one-bathroom units. The property features a beautiful courtyard, onsite laundry facilities, and individually metered gas and electricity for each unit. Recent upgrades include new electrical panels. The current rents are significantly below market value, presenting a substantial opportunity for increased income. An assumable loan with Chase is available, with a current balance of $1,077,393 at a fixed 3.25% interest rate until February 2029, and a monthly payment of $5,442.42. The property benefits from its central San Fernando Valley location, providing easy freeway access and proximity to California State University, Northridge, Pierce Junior College, Warner Center, and Topanga Plaza Shopping Mall. The property's zoning is LAR3. Parking is provided for 16 vehicles. The asking price is $3,395,000, representing a price per unit of $212,187.50 and a current cap rate of 3.86%. Note that the property is located two blocks west of Tampa and one block north of Victory. An adjacent 6-unit property at 19406 Gilmore Ave is also available for purchase.