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8407 Cedros Avenue

Panorama City, CA 91402
  • $2,700,000
  • STATUS: Active
  • ON SITE: 388 Days
  • ID#: 23239475
UPDATED: 78 min ago
$2,700,000
  • 2
    BEDS
  • 0.17
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 7,188
    SQFT
  • $376
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1964
County:

School Ratings & Info

Listing Agent(s): Roderick 'Rick' Raymundo of Marcus & Millichap (818-212-2700)


Description

Set to benefit immensely from its position in the path of development, the property sits only one block from the planned 4.5 million square foot mixed-use development slated for the site of the existing Panorama Mall. Included in the proposal are 125,000 square feet of retail space, 70,000 square feet of restaurant space, 90,000 square feet of entertainment space, and 146,000 square feet of open space. That project intends to capitalize on the upcoming East San Fernando Valley Light Rail Line, which will include a Metro stop just two blocks from 8407 Cedros Avenue. Perhaps the most noteworthy development project currently in the San Fernando Valley, the light rail line will connect the Metro Orange Line, the Metrolink Train Line in Van Nuys, and the Metrolink Train Line in Sylmar/San Fernando. The majority of the new transit line will run along the median of Van Nuys Boulevard, with a station planned just two blocks from 8407 Cedros Avenue. In addition to boosting commerce in the immediate area, it will also provide the benefit of more convenient transportation for the property's tenants. With current rents approximately 42% below market rates, a new owner can capitalize on this rent upside to create increasing cash flow even before the neighborhood improves with the pending development projects. The building already features full copper plumbing, allowing an investor to enter the Los Angeles market at an attractively low $168,750 per unit with reduced maintenance costs. The existing loan may be assumable, allowing an investor to benefit from the low 3.14% interest rate as well. An additional revenue stream is provided by the on-site laundry facilities.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2024-03-01T23:30:51.287. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Rusnell Real Estate Group | Vista Sotheby's. Licensed in the State of California, USA.
www.rusnellproperties.com/homes/136772964
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8407 Cedros Avenue Panorama City, CA 91402

  • Price: $2,700,000
  • Status: Active
  • On Site: 388 Days
  • Updated: 78 min ago
  • ID#: 23239475
2
Beds
0
Baths
0
½ Baths
0.17
Acres
7,188
SQFT
$376
$/SQFT
1964
Built
Neighborhood:
PC - Panorama City
County:
Los Angeles
Area:
PC - Panorama City
Property Description
Set to benefit immensely from its position in the path of development, the property sits only one block from the planned 4.5 million square foot mixed-use development slated for the site of the existing Panorama Mall. Included in the proposal are 125,000 square feet of retail space, 70,000 square feet of restaurant space, 90,000 square feet of entertainment space, and 146,000 square feet of open space. That project intends to capitalize on the upcoming East San Fernando Valley Light Rail Line, which will include a Metro stop just two blocks from 8407 Cedros Avenue. Perhaps the most noteworthy development project currently in the San Fernando Valley, the light rail line will connect the Metro Orange Line, the Metrolink Train Line in Van Nuys, and the Metrolink Train Line in Sylmar/San Fernando. The majority of the new transit line will run along the median of Van Nuys Boulevard, with a station planned just two blocks from 8407 Cedros Avenue. In addition to boosting commerce in the immediate area, it will also provide the benefit of more convenient transportation for the property's tenants. With current rents approximately 42% below market rates, a new owner can capitalize on this rent upside to create increasing cash flow even before the neighborhood improves with the pending development projects. The building already features full copper plumbing, allowing an investor to enter the Los Angeles market at an attractively low $168,750 per unit with reduced maintenance costs. The existing loan may be assumable, allowing an investor to benefit from the low 3.14% interest rate as well. An additional revenue stream is provided by the on-site laundry facilities.
Exterior Features

Parking Features Assigned Parking Total 6

Interior Features

Cooling None Cooling YN No

Property Features

Association YN No Cap Rate 4.02 Gross Income 204948 Levels Two Listing Agreement Exclusive Right To Sell Listing Service Full Service Net Operating Income 108466 New Construction YN No Senior Community YN No Special Listing Conditions Standard Vacancy Allowance Rate 0 Zoning LAR4



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-03-01T23:30:51.287. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Rusnell Real Estate Group | Vista Sotheby's. Licensed in the State of California, USA.
 
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Rusnell Real Estate Group | Vista Sotheby's
16 Malaga Cove Plaza
Palos Verdes Estates CA, 90274
Listing Agent(s): Roderick 'Rick' Raymundo of Marcus & Millichap (818-212-2700)