Description

We are proud to present 14317 Haynes Street, a 7-unit apartment building located in Van Nuys, CA. Built in 1964, the subject property sits on a 7,500 square foot lot and offers a mix of 3- 1 bed/1 bath and 4- 2 bed/2 bath units, totaling 6,009 gross square feet. The offering is turnkey, featuring brand-new copper plumbing, roof, water heaters, laundry facilities and equipment (all owned, not leased), stainless steel appliances, and granite countertops. Additionally, units 1, 4, and 7 have undergone thorough gut renovations. The only outstanding items are fresh paint and driveway refurbishment, which the owner opted not to finalize to avoid prolonging tenant occupancy. Cash for keys has not been attempted by the owner. The property has ample gated parking for tenants with easy access through the right side of the building. To enhance the quality of living for residents, the property features a smoke-free environment with laundry facilities and proximity to shopping and restaurants. Select units have been completely updated with new stainless steel appliances, granite countertops, cabinets, bathrooms & kitchens, and laminate flooring throughout. One of this property’s significant attractions is the great value-add potential. Current rents at the property are approximately 48% below the market rate, presenting a significant opportunity for the buyer. Assuming the buyer can turn over all units and achieve market rents throughout, we estimate that the units could bring in about $17,000 in gross rental income each month, or about $206,000 per year, increasing the buyer’s CAP rate to 8.58%!Situated in the heart of Van Nuys, with a Walk Score of 82 (Very Walkable), the offering resides within a prominent commercial hub within the greater Los Angeles area. It enjoys easy access to major transportation arteries, including highways and public transit routes. Its proximity to key amenities such as shopping centers, restaurants, and business services enhances its appeal to both tenants and customers alike. Additionally, the area’s strong demographic profile and steady economic growth contribute to the long-term viability of investments in this locale. With its central location and favorable market conditions, this property presents a great opportunity for investors seeking to capitalize on the dynamic commercial real estate landscape of Van Nuys, California.