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Tarzana | 10.9 GRM | Attractive $/Unit & $/SF | 6225 Reseda Blvd
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Tarzana | 10.9 GRM | Attractive $/Unit & $/SF 6225 Reseda Blvd
30 Unit Apartment Building $6,200,000 ($206,667/Unit) 4.41% Cap Rate Tarzana, CA 91335
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INVESTMENT HIGHLIGHTS
- Substantial Rent Upside – Current Rents Approximately 49% Below Market Rates
- Rare Opportunity to Enter Tarzana Multifamily Market – Only Seven Properties Have Sold in Past Three Years (Source: CoStar COMPS)
- Outstanding Opportunity to Benefit from Recent Woodland Hills & Warner Center Developments, Without Paying Premium Prices Those Neighborhoods Command
- Attractively Priced at Only $206,667 per Unit and $241 per Square Foot
- Excellent Unit Mix – Mostly Two-Bedroom Apartments
- Approximately Four Miles from Proposed Promenade 2035 Development – 3,200,000 Square Foot Mixed-Use Sports and Entertainment Complex
EXECUTIVE SUMMARY
Marcus & Millichap is pleased to announce the opportunity to purchase 6225 Reseda Boulevard, a 30-unit multifamily property located in Tarzana, CA. Constructed in 1962, the two-story building features an attractive unit mix containing mostly two-bedroom units. Current rents sit well below local market rates, allowing a new owner the potential to capitalize on approximately 49% in rent upside. Properties in the Tarzana submarket rarely become available, as only seven such buildings have sold within the past three years, according to CoStar COMPS.
Given the recent and continuing development boom in neighboring Warner Center and Woodland Hills, this asset would allow an investor to take advantage of those new and upcoming amenities, albeit at a lower price point. Over the past three years, the average sales price per unit in Woodland Hills has been over $430,000 per unit, whereas Tarzana sales have averaged only $259,207 per unit. CAP Rates in Tarzana have also been approximately 51 basis points higher than in Woodland Hills, allowing Tarzana owners to earn greater returns on their investments despite the immediate proximity of the two neighboring cities.
Situated near the intersection of Oxnard Street and Reseda Boulevard, the property allows residents convenient access to the new Topanga Village shopping center as well as the recently opened Topanga Social premium food hall. Adjacent to the upcoming Los Angeles Rams practice facility at 21555 Oxnard Street, team owner Stan Kroenke holds land entitled for a potential 35-acre mixed-use development. Proposals for the site show 280,000 square feet of restaurant and retail offerings, hotels, offices, and residential units. The $1 billion project would provide a significant amenities boost to the already thriving neighborhood, all of which benefits investors in the immediate area.
Given the recent and continuing development boom in neighboring Warner Center and Woodland Hills, this asset would allow an investor to take advantage of those new and upcoming amenities, albeit at a lower price point. Over the past three years, the average sales price per unit in Woodland Hills has been over $430,000 per unit, whereas Tarzana sales have averaged only $259,207 per unit. CAP Rates in Tarzana have also been approximately 51 basis points higher than in Woodland Hills, allowing Tarzana owners to earn greater returns on their investments despite the immediate proximity of the two neighboring cities.
Situated near the intersection of Oxnard Street and Reseda Boulevard, the property allows residents convenient access to the new Topanga Village shopping center as well as the recently opened Topanga Social premium food hall. Adjacent to the upcoming Los Angeles Rams practice facility at 21555 Oxnard Street, team owner Stan Kroenke holds land entitled for a potential 35-acre mixed-use development. Proposals for the site show 280,000 square feet of restaurant and retail offerings, hotels, offices, and residential units. The $1 billion project would provide a significant amenities boost to the already thriving neighborhood, all of which benefits investors in the immediate area.
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL | ANNUAL PER SF |
---|---|---|
Gross Rental Income |
$99,999
![]() |
$9.99
![]() |
Other Income |
$99,999
![]() |
$9.99
![]() |
Vacancy Loss |
$99,999
![]() |
$9.99
![]() |
Effective Gross Income |
$99,999
![]() |
$9.99
![]() |
Taxes |
$99,999
![]() |
$9.99
![]() |
Operating Expenses |
$99,999
![]() |
$9.99
![]() |
Total Expenses |
$99,999
![]() |
$9.99
![]() |
Net Operating Income |
$99,999
![]() |
$9.99
![]() |
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access
Gross Rental Income | |
---|---|
Annual | $99,999 |
Annual Per SF | $9.99 |
Other Income | |
---|---|
Annual | $99,999 |
Annual Per SF | $9.99 |
Vacancy Loss | |
---|---|
Annual | $99,999 |
Annual Per SF | $9.99 |
Effective Gross Income | |
---|---|
Annual | $99,999 |
Annual Per SF | $9.99 |
Taxes | |
---|---|
Annual | $99,999 |
Annual Per SF | $9.99 |
Operating Expenses | |
---|---|
Annual | $99,999 |
Annual Per SF | $9.99 |
Total Expenses | |
---|---|
Annual | $99,999 |
Annual Per SF | $9.99 |
Net Operating Income | |
---|---|
Annual | $99,999 |
Annual Per SF | $9.99 |
PROPERTY FACTS
Price | $6,200,000 | Apartment Style | Garden |
Price Per Unit | $206,667 | Building Class | C |
Sale Type | Investment | Lot Size | 0.74 AC |
Cap Rate | 4.41% | Building Size | 25,718 SF |
Gross Rent Multiplier | 10.99 | No. Stories | 2 |
No. Units | 30 | Year Built | 1962 |
Property Type | Multifamily | Parking Ratio | 1.17/1,000 SF |
Property Subtype | Apartment |
Price | $6,200,000 |
Price Per Unit | $206,667 |
Sale Type | Investment |
Cap Rate | 4.41% |
Gross Rent Multiplier | 10.99 |
No. Units | 30 |
Property Type | Multifamily |
Property Subtype | Apartment |
Apartment Style | Garden |
Building Class | C |
Lot Size | 0.74 AC |
Building Size | 25,718 SF |
No. Stories | 2 |
Year Built | 1962 |
Parking Ratio | 1.17/1,000 SF |
UNIT AMENITIES
- Heating
- Kitchen
- Range
- Tub/Shower
SITE AMENITIES
- Laundry Facilities
UNIT MIX INFORMATION
DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
---|---|---|---|
Studios | 2 | - | 450 |
1+1 | 8 | - | 550 |
2+1 | 10 | - | 900 |
2+1.5 | 6 | - | 950 |
3+2.5 | 4 | - | 1,100 |
Walk Score®
Very Walkable (80)
Bike Score®
Very Bikeable (79)
PROPERTY TAXES
Parcel Number | 2127-015-031 | Total Assessment | $6,780,601 |
Land Assessment | $2,077,925 | Annual Taxes | ($1) ($0.00/SF) |
Improvements Assessment | $4,702,676 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
2127-015-031
Land Assessment
$2,077,925
Improvements Assessment
$4,702,676
Total Assessment
$6,780,601
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
ZONING
Zoning Code | LAR3 |
LAR3 |
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Tarzana | 10.9 GRM | Attractive $/Unit & $/SF | 6225 Reseda Blvd
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