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$3,150,000
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Property Description
The two story apartment consists of four 2 bedroom/ 2 bathroom units, three 2 bedroom/ 1 bathroom units, and the remainder of twelve 1 bedroom/ 1 bathroom units. Some of the units include balconies. The roof has been newly updated and the soft story retrofit work has been completed. Additionally there are 19 parking spots. The building size is 15,621 square feet that is built on a 18,221 square foot lot. The zoning is LAR3 Tier 3 TOC. The investment opportunity is located in the vibrant and up and coming neighborhood of Panorama City. Located within blocks of the existing Panorama Mall, the future site of a planned 4.5 million square foot mixed use development site. Included in the proposal are 70,000 square feet of restaurant space, 125,000 square feet of retail space, 146,000 square feet of open space,and 90,000 square feet of entertainment space. 7961 Willis Avenue is a 0.7 mile 14 minute walk from the Metrolink Ventura County Line at the Van Nuys Metrolink Station stop.A noteworthy development project currently in the San Fernando Valley, the light rail line will connect the Metrolink Train Line inVan Nuys , 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 within blocks of the subject property. With current rents approximately 60% below market rates, a savy investor can capitalize on this rent upside to create increasing cash flow even before the neighborhood improves with the pending development projects. An additional revenue stream is provided by the on-site laundry facilities.
Full Property Details
Full Property Details for 7961 Willis Ave
General
- Sold For: $3,150,000
- Status: Closed
- Type: Multi-Family
- Source: CLAW
- MLS ID: 24-388019
- Added to Site: 202 day(s) ago
Rooms
Bathrooms
- Total Bathrooms: 23
Bedrooms
- Total Bedrooms: 26
Other Rooms
- Laundry: Other
Additional Information
- Other Features: Other
Parking
- Garage Description: Other
Location
- Area: Panorama City
- County: Los Angeles
- Driving Directions: The apartment complex is located at 7961 Willis Avenue in Panorama City CA, 91402. The building is located southwest of the intersection of Roscoe Blvd and Van Nuys Blvd.
Heating & Cooling
- Cooling Type: Central
- Heating Type: Other
Structural Information
- # Buildings: 1
- Stories/Levels: 0
- Square Feet: 15,621
- Sq. Ft. Source: Vendor Enhanced
- Year Built: 1966
- Year Built Source: Vendor Enhanced
Unit Information
- Units in Complex: 19
- Unit Type: 2106, 2107, 2108
Unit 1
- Total Bathrooms: 1
- Bedrooms: 1
Unit 2
- Total Bathrooms: 1
- Bedrooms: 2
Unit 3
- Total Bathrooms: 2
- Bedrooms: 2
Additional Structures
- Other Structures: Other
Lot Features
- Lot Size (Acres): 0.4183
- Lot Size: 18223
- Lot Size Source: Vendor Enhanced
- Zoning: LAR3
Financial Considerations
- Price Per Sq. Ft.: $201.65
- Assessment Year: 1966
Disclosures and Reports
- Disclosures/Reports: As Is
- APN: 2209-040-019
Listed and Sold by KW Advisors, Meir Frydman
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Schools
Schools serving 7961 Willis Ave
School District:Los Angeles Unified School District
Rating | Name | Grades | Distance |
---|---|---|---|
8150 Cedros Ave, Panorama City, CA 91402 | K-5 | 0.3 mi | |
15040 Roscoe Blvd, Panorama City, CA 91402 | 6-8 | 0.5 mi | |
8015 Van Nuys Blvd, Panorama City, CA 91402 | 9-12 | 0.4 mi |
Disclaimer: School ratings provided by
GreatSchools. Ratings are on a scale of 1-10.
Learn more about GreatSchools ratings.
School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 7961 Willis Ave
Date
Details
Price
Change
Source
8/30/2024
Sold
$3,150,000
—
MLS
5/03/2024
Listed
$3,150,000
—
MLS
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
7961 Willis Ave, Panorama City, CA 91402 (MLS# 24-388019) is a Multi-Family property that was sold at $3,150,000 on August 30, 2024. Want to learn more about 7961 Willis Ave? Do you have questions about finding other Multi-Family real estate for sale in Panorama City? You can browse all Panorama City real estate or contact a Coldwell Banker agent to request more information.