Exclusive Listings

23-unit Value-add (Proforma CAP 6.62%) w/ Lowest Price/unit in San Fernando Valley

Address:
7101 Alabama Ave
Canoga Park, CA 91303
Price:
$3,000,000
Status:
Sold
Type:
Apartment
# Units:
23
Year Built:
1963
Building Size:
6,125 SF
Lot Size:
7,504 SF
CAP Rate:
4.41%
GRM:
12.85x
Price/Unit:
$130,000
Price/SqFt:

INVESTMENT HIGHLIGHTS    

  • One of the lowest price per unit for a multifamily investments offering in San Fernando Valley
  • Superb location ±1/2 mile (walking distance) from Westfield Topanga and The Village
  • Walk Score 87, Bike Score 91, nearby Metro Orange Line station
  • Significant rental upside, all tenants are on month-to-month
  • Excellent location several blocks north of Warner Center Woodland Hills, nearby Westfield Topanga mall and other major amenities in the valley
  • High cash flow property with appealing rental upside
  • Long-time owner for more than 16 years
  • Nearby many employment centers, close to public transportation
  • Gentrifying area with several new developments nearby

PROPERTY HIGHLIGHTS

  • Efficient unit mix that is perfect for rent control area
  • Corner location offering excellent visibility for lease-up purpose
  • Recent capital improvements including new roof (2013), plumbing re-pipe in 2019, new laundry machines (2020), and new exterior paints
  • Easy to rent building due to its location, size and low rent compared to the area
  • Extremely low vacancy history
  • One of the highest and best use of land with many apartment units on it
  • 13 open space parking (zero soft-story retrofit)

EXECUTIVE SUMMARY

Growth Investment Group is pleased to present 7101 Alabama Ave; a 23-unit value-add garden style apartment investment opportunity located within a half mile/walking distance of Westfield Topanga and The Village. The property offers excellent cash flow opportunity for an astute investor that wants to maximize their ROI. The property has been in the same ownership for more than 15 years and all tenants are on month-to-month agreement, providing a ripe opportunity for new owner to add serious value to the property through upgrade and mark to market strategy. It has undergone major capital improvements such as new roof installed in 2013, plumbing re-pipe completed in 2019, new laundry machines installed in 2020, and recently touch-up exterior paint. It is being offered at low price per unit and attractive CAP Rate with an extremely attractive proforma CAP Rate of close to 7%. 

The property was built in 1963 and has a total of 23-units with efficient unit mix of 1 x studio and 22 x bachelors/small studio with a cooktop. It offers 13 open space parking and plenty of street parking; no soft story retrofit is needed.  It is within walking distance or just ½ mile away from Westfield Topanga and The Village and ideally located within short walking distance of Uptown Warner Center, a 47 acre, $3.4 billion proposed mixed use development that will change the landscape of the Warner Center, making it the largest master planned community in Los Angeles.

Warner Center boasts high-end demographics ($106,089 to $269,230 average household income within a 1-mile radius), dense immediate population, high barriers to entry, and strong market fundamentals yielding an investor/owner user favored market conditions with significant growth potential. Centrally located just a block west of Canoga Ave, and conveniently positioned in the center of a broad range of employment and retail options, this investment opportunity is surrounded by high-end neighborhoods, the third largest shopping center in the United States (Westfield Topanga, The Village at Westfield Topanga, and Westfield Promenade), and numerous high-profile office towers and residential developments. The area is gentrifying with new and more expensive apartment recently completed just down the street from this property.

The asset benefits from its walkability to the Metro Orange Line, which connects to the Red Line in North Hollywood and runs directly through Hollywood and Downtown Los Angeles. The San Fernando Valley consists of approximately 260 square miles, making it the largest geographic in the City of Los Angeles. With approximately 1.8 million residents, it is a densely populated area that as a standalone city, would be the seventh largest city in the United States. With the barrage of new hotels, residential buildings, Westfield Promenade, Westfield’s “The Village”, Westfield Topanga, and others still in the planning phase, nearby Warner Center is expecting a significant population increase between 2018 and 2025.
This unique investment opportunity provides a savvy investor with a rare opportunity to break into this area with very low-down payment and offering excellent cash flow going in.



Marketing Files


Due Diligence


Broker Contact

Han Widjaja-Chen
Direct: 626.594.4900
han.chen@growthinvestmentgroup.com

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Office:
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1487 E Colorado Blvd.
Pasadena, CA 91106
By Appointment Only - No Walk-ins
Front Office: 626.594.4901

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