$2,200,000
$2,295,000
4.1%For more information regarding the value of a property, please contact us for a free consultation.
8517 Cedros AVE Panorama City, CA 91402
16 Beds
8 Baths
7,168 SqFt
Key Details
Sold Price $2,200,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 7,168 sqft
Price per Sqft $306
MLS Listing ID 23242677
Sold Date 03/31/23
Bedrooms 16
Construction Status Updated/Remodeled
HOA Y/N No
Year Built 1977
Lot Size 0.257 Acres
Property Description
Cash Cow Alert! Existing 6% Cap Rate and 11.9 GRM from Day 1. Large 7,168 SF Renovated building that features 8 large 2 Bed/1 Bath units. Priced only at $320/SF for fully renovated units that are cash flowing at a current 6% Cap Rate and 11.9 GRM with additional upside to an 8.2% cap rate and 8.9 GRM on the proforma. The offering features 16 tandem parking spaces (2 spaces per unit) in the covered carport area in the back. This Newer complex was built in 1977 and consists of two 4-unit structures that have been fully renovated in 2022. Individually metered for Gas & Electricity, Central AC/Heat for all units, as well as newer roofs. Preliminary plans to add 3 ADUs (1 Attached ADU in the Laundry room + 2 Detached ADUs over the back Carport) to further improve the numbers. Do not miss out on your chance to acquire a stabilized 8-unit apartment building located in a high-demand rental area of Panorama City!
Location
State CA
County Los Angeles
Area Pc - Panorama City
Zoning LAR3
Interior
Heating Central
Cooling Central Air
Fireplace No
Appliance Microwave, Refrigerator
Laundry Common Area
Exterior
Parking Features Detached Carport
Community Features Gated
Attached Garage No
Total Parking Spaces 16
Building
Story 2
New Construction No
Construction Status Updated/Remodeled
Others
Senior Community No
Tax ID 2653016060
Security Features Gated Community
Special Listing Condition Standard
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Bought with Aram Yedigaryan • Citizen Realty