$2,700,000 $14,494 est/mo Sourced by Back At You

8407 Cedros Avenue,Panorama City, CA 91402

Panorama City CA, 91402

Share with a friend

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.

Details

MLS#23239475
Listing TypeFor Sale
Sub-TypeResale
StatusActive
Year1964
Days On Site476
Listing Provided ByMarcus & Millichap 818-212-2700 | Roderick 'Rick' Raymundo

Features

Bed(s)2
Bath(s)16
SQ Feet7,188
Story(s)2
Units16
Building(s)1
ZoningLAR4
Acreage0.17

Market Activity 91402

MLS Internet Data Exchange (IDX) information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the California Regional MLS.

Request a showing

Request a showing

Loading Form
Listings Checked: 50 seconds ago
StateCA
CountyLos Angeles
CityPanorama City
Zip Code91402
AreaPC Panorama City
Listing VS Median (in 91402)
Price:
$2,700,000
low | high
Med:
$699,900
100% of Average
SqFt:
7,188
low | high
Med:
1,429
100% of Average
$ / SqFt:
$376
low | high
Med:
$490
19.490692183219% of Average
On Site:
476
low | high
Med:
106.500000
100% of Average
Sourced by Back At You
Listing Updated: May 20, 2024 at 11:04:33 PM PDT