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Property Description

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 54% 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.

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Additional Information
Marcus & Millichap
0
CLW-C126070
CLW-X75151
Roderick
2127015031
: Standard
Two
32

Multi-Family For Sale

6225 Reseda Boulevard, Tarzana, California 91335

25,718 Sqft
$6,700,000
Listing ID #24402503
Basic Details
Status : Active
DaysOnMarket : 8
Property Type : Multi-Family
Listing Type : For Sale
Listing ID : 24402503
Price : $6,700,000
Living Area : 25,718 Sqft
Lot Size : 32,400 Sqft
Year Built : 1962
Country : US
State : California
County : Los Angeles
City : Tarzana
Zipcode : 91335
Price Per Square Foot : $261
ModificationTimestamp : 2024-06-18 05:06:31
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