5934 Woodman Ave
10 Unit Apartment Building $2,000,000 ($200,000/Unit) 3.09% Cap Rate Van Nuys, CA 91401
INVESTMENT HIGHLIGHTS
- No Seismic Work Needed
- Major Rental Upside
- 1 Unit to be Delivered Vacant (1 Unit in Process of Eviction)
- Potential ADU Opportunity
EXECUTIVE SUMMARY
BRC Advisors is proud to present 5934 Woodman Avenue. This 10 unit, value add apartment building, is located in the heart of the San Fernando Valley, in Van Nuys. The property is to be delivered with 1 unit vacant and an additional unit is currently going through the eviction process. The building presents an opportunity for major rental upside, with an opportunity to reposition for increased cash flow. This multifamily asset is a mix of five 1-bedroom and five 2-bedroom units. This building is not on the city seismic retrofit list (buyer to verify). Also, with an open parking lot in the back there is potential ADU opportunity, providing an additional avenue to increase rental income and overall property value.
Please feel free to reach out to me for more information.
Please feel free to reach out to me for more information.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$181,231
|
$22.45
|
| Other Income |
$109
|
$0.01
|
| Vacancy Loss |
$7,249
|
$0.90
|
| Effective Gross Income |
$174,091
|
$21.56
|
| Taxes |
$26,393
|
$3.27
|
| Operating Expenses |
$79,681
|
$9.87
|
| Total Expenses |
$106,074
|
$13.14
|
| Net Operating Income |
$68,017
|
$8.42
|
PROPERTY FACTS
| Price | $2,000,000 |
| Price Per Unit | $200,000 |
| Sale Type | Investment |
| Cap Rate | 3.09% |
| Gross Rent Multiplier | 12.14 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.21 AC |
| Building Size | 8,074 SF |
| Average Occupancy | 90% |
| No. Stories | 2 |
| Year Built | 1958 |
| Parking Ratio | 1.24/1,000 SF |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 5 | - | 700 |
| 2+1 | 5 | - | 900 |
1 of 1
Walk Score®
Very Walkable (79)
Bike Score®
Very Bikeable (73)
PROPERTY TAXES
| Parcel Number | 2343-001-002 | Total Assessment | $2,061,990 |
| Land Assessment | $1,413,939 | Annual Taxes | $26,393 ($3.27/SF) |
| Improvements Assessment | $648,051 | Tax Year | 2024 |
ZONING
| Zoning Code | LARD1.5 |
