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6956 Kester Avenue

Van Nuys, CA 91405
  • $6,200,000
  • STATUS: Active
  • ON SITE: 16 Days
  • ID#: 22219237
UPDATED: 197 min ago
$6,200,000
  • 37
    BEDS
  • 0.54
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 20,880
    SQFT
  • $297
    $/SQFT
Type:
Multi-Family
Built:
1965
County:

School Ratings & Info

Listing Agent(s): Roderick 'Rick' Raymundo of Marcus & Millichap (213-943-1800)


Description

The majority of the apartments are two bedroom units, as the spacious floorplans total approximately 20,880 square feet across the 23 units. The owner has installed full copper plumbing, while most interiors have been upgraded with granite countertops and tile flooring. A new investor may be able to add significant value to the asset by recapturing the approximately 37% rent upside. There is an attractive loan that may be assumed, fixed at a 3.75% interest rate until the year 2030. Van Nuys, and in particular the 91405 zip code, has seen a massive influx of capital in recent years and the trend could continue with several notable developments on the near horizon. Large mixed-use projects currently moving through the development pipeline include 174 units over retail at 6569 Van Nuys Boulevard, 214 units over retail at 7115 Van Nuys Boulevard, and 322 units over retail at 7050 Van Nuys Boulevard, as well as a 405-unit apartment complex at 6728 Sepulveda Boulevard. Each of these new developments is within one mile of 6956 Kester Avenue, demonstrating the optimism large investors see in the local neighborhood. Perhaps the most noteworthy development project in the area is the upcoming East San Fernando Valley Light Rail Line, which 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 two different stations planned less than one mile from 6956 Kester 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.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2022-12-05T00:25:55.78. 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 Beach City Brokers | BCB Premier Estates | The Miller Group. Licensed in the State of California, USA.
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6956 Kester Avenue Van Nuys, CA 91405

  • Price: $6,200,000
  • Status: Active
  • On Site: 16 Days
  • Updated: 197 min ago
  • ID#: 22219237
37
Beds
0
Baths
0
½ Baths
0.54
Acres
20,880
SQFT
$297
$/SQFT
1965
Built
County:
Los Angeles
Property Description
The majority of the apartments are two bedroom units, as the spacious floorplans total approximately 20,880 square feet across the 23 units. The owner has installed full copper plumbing, while most interiors have been upgraded with granite countertops and tile flooring. A new investor may be able to add significant value to the asset by recapturing the approximately 37% rent upside. There is an attractive loan that may be assumed, fixed at a 3.75% interest rate until the year 2030. Van Nuys, and in particular the 91405 zip code, has seen a massive influx of capital in recent years and the trend could continue with several notable developments on the near horizon. Large mixed-use projects currently moving through the development pipeline include 174 units over retail at 6569 Van Nuys Boulevard, 214 units over retail at 7115 Van Nuys Boulevard, and 322 units over retail at 7050 Van Nuys Boulevard, as well as a 405-unit apartment complex at 6728 Sepulveda Boulevard. Each of these new developments is within one mile of 6956 Kester Avenue, demonstrating the optimism large investors see in the local neighborhood. Perhaps the most noteworthy development project in the area is the upcoming East San Fernando Valley Light Rail Line, which 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 two different stations planned less than one mile from 6956 Kester 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.
Exterior Features

Carport YN Yes Parking Features AssignedCarport Parking Total 24

Property Features

Association YN No Cap Rate 4.5 Gross Income 449460 Listing Agreement Exclusive Right To Sell Listing Service Full Service Net Operating Income 279147 New Construction YN No Senior Community YN No Special Listing Conditions Standard Vacancy Allowance Rate 0 Zoning Lard1.5



Based on information from California Regional Multiple Listing Service, Inc. as of 2022-12-05T00:25:55.78. 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 Beach City Brokers | BCB Premier Estates | The Miller Group. Licensed in the State of California, USA.
 
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Beach City Brokers | BCB Premier Estates | The Miller Group
1716 South Catalina Avenue
Redondo Beach CA, 90277
Listing Agent(s): Roderick 'Rick' Raymundo of Marcus & Millichap (213-943-1800)