6451 Kester Ave
14 Unit Apartment Building $4,750,000 ($339,286/Unit) 5.75% Cap Rate Van Nuys, CA 91411
INVESTMENT HIGHLIGHTS
- 14-unit value-add property located in Van Nuys, a suburban community in the San Fernando Valley.
- Strategic interior and exterior renovations provide the opportunity for a subsequent buyer to capture a 10% loss-to-lease on rents
- Close proximity to major employment hubs at Warner Center and Universal City, with convenient access to the 405 and 101 fwys and the Metro Orange Line
- Built in 1988, this property is not subject to the LA Rent Stabilization Ordinance (“RSO”), permitting annual rent inc. of ~5% + CPI (AB 1482)
- All units feature distinctive townhome-style layouts with private patios, commanding rent premiums compared to similar properties in the area
EXECUTIVE SUMMARY
Northmarq and Marcus & Millichap, as exclusive co-listing agents, are pleased to present the opportunity to acquire 6451 Kester Avenue, a 14-unit property located in the Van Nuys submarket of the San Fernando Valley. Built in 1988, 6451 Kester is not subject to Los Angeles Rent Control (AB 1482 only), providing a subsequent owner with immediate, resilient in-place cash flow and minimal additional capital outlay required.
The property is situated on a 14,892-square-foot corner parcel and features a two-story building above a gated semi subterranean parking structure with 29 parking spaces. 6451 Kester offers a unique unit mix consisting of (3) 2-bedroom + 1.5-bathroom townhomes, (2) 2-bedroom + 2-bathroom townhomes, and (9) 2-bedroom + 2.5-bathroom townhomes. Each unit includes private patios, while additional community amenities include secured entry, on-site laundry facilities, and ample potential to enhance the resident experience. The units also benefit from efficient layouts, maximizing functionality and appeal to a wide range of renters.
Ideally located in Van Nuys, a quiet residential urban community in the heart of the San Fernando Valley, the property provides residents with immediate access to Los Angeles’ major freeways, including the 101, 405, and 170 Freeways, ensuring easy connectivity throughout the San Fernando Valley and the Greater Los Angeles region. Additionally, 6451 Kester Avenue is positioned near key retail and dining destinations, making it a convenient and desirable location for tenants.
The property is situated on a 14,892-square-foot corner parcel and features a two-story building above a gated semi subterranean parking structure with 29 parking spaces. 6451 Kester offers a unique unit mix consisting of (3) 2-bedroom + 1.5-bathroom townhomes, (2) 2-bedroom + 2-bathroom townhomes, and (9) 2-bedroom + 2.5-bathroom townhomes. Each unit includes private patios, while additional community amenities include secured entry, on-site laundry facilities, and ample potential to enhance the resident experience. The units also benefit from efficient layouts, maximizing functionality and appeal to a wide range of renters.
Ideally located in Van Nuys, a quiet residential urban community in the heart of the San Fernando Valley, the property provides residents with immediate access to Los Angeles’ major freeways, including the 101, 405, and 170 Freeways, ensuring easy connectivity throughout the San Fernando Valley and the Greater Los Angeles region. Additionally, 6451 Kester Avenue is positioned near key retail and dining destinations, making it a convenient and desirable location for tenants.
PROPERTY FACTS
| Price | $4,750,000 |
| Price Per Unit | $339,286 |
| Sale Type | Investment |
| Cap Rate | 5.75% |
| Gross Rent Multiplier | 11.61 |
| No. Units | 14 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.34 AC |
| Building Size | 13,668 SF |
| No. Stories | 2 |
| Year Built | 1988 |
| Opportunity Zone |
Yes |
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Oven
- Tub/Shower
- Pantry
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Public Transportation
- Smoke Detector
Walk Score®
Very Walkable (76)
PROPERTY TAXES
| Parcel Number | 2235-018-034 | Improvements Assessment | $2,875,011 |
| Land Assessment | $1,296,109 | Total Assessment | $4,171,120 |
