15931 Victory Boulevard
15931 Victory Boulevard
Van Nuys, CA 91406
$1,825,000
Last Sold Price
6
Beds
5
Baths
3,412 Sq. Ft.
$535 / Sq. Ft.
3,412
Sq. Ft.
$535
per Sq. Ft.
Sold 9/8/23
Sold 9/8/23
Description
Introducing an exceptional investment opportunity located at 15931-35 Victory Blvd, Van Nuys. Built in 1952, the property consists of five (5) units, four (4) one-bedroom + one-bathroom units and one (1) two-bedroom + one-bathroom unit. The buildings are 3,412 gross square feet and sit on a 17,713 square foot lot. The subject property is located in The Lake Balboa area of the San Fernando Valley offering a prime location that attracts residents and visitors alike. Convenient Transportation Access...Introducing an exceptional investment opportunity located at 15931-35 Victory Blvd, Van Nuys. Built in 1952, the property consists of five (5) units, four (4) one-bedroom + one-bathroom units and one (1) two-bedroom + one-bathroom unit. The buildings are 3,412 gross square feet and sit on a 17,713 square foot lot. The subject property is located in The Lake Balboa area of the San Fernando Valley offering a prime location that attracts residents and visitors alike. Convenient Transportation Access served by several bus routes and is in proximity to the Balboa Station on the Metro Orange Line, located near major freeways, including the 101 and 405, providing easy access to other parts of Los Angeles and neighboring communities. The property represents a unique value-add opportunity for investors due to the property's location, unit mix and rental upside. The property offers an initial CAP rate of 2% with the ability to improve to a 5% CAP rate once units turnover. This property presents a multitude of potential avenues for revenue generation and development. ADU (Accessory Dwelling Unit) potential, and development possibilities, make it an attractive prospect for savvy investors and developers. Rental Upside:With a rental upside of over 40%, the property presents an exceptional opportunity to maximize returns through the rehabilitation of existing units and subsequent rent increases. Take advantage of the flourishing rental market and optimize returns on this investment through strategic leasing and property management. ADU Potential:In addition to the existing structures on the property, there is potential for the construction of ADUs. ADUs have gained popularity as a means of maximizing property value and generating additional rental income. Development Potential:Beyond the immediate rental and ADU opportunities, this property also holds tremendous development potential. The large lot size and zoning regulations allow for the possibility of constructing a 17+ ADUs unit redevelopment project. Capitalize on the burgeoning real estate market in Van Nuys and explore the potential for creating a modern multi-unit complex or mixed-use development, catering to the needs of the community and maximizing returns. In summary, 15931 Victory Blvd offers an enticing marketing opportunity with its rental upside, ADU potential, and development possibilities. This property presents investors and developers with a chance to capitalize on the thriving Van Nuys real estate market and unlock its full potential. Don't miss out on this unique chance to secure a sound investment with endless possibilities. Disclaimer: Any potential development plans or modifications are subject to applicable regulations, permits, and approvals from the relevant authorities. It is advised to conduct proper due diligence and consult with appropriate professionals before making any investment or development decisions. Investment HighlightsMultifamily Property Built in 1952, the property consists of four (4) one-bedroom + one-bathroom units and one (1) two-bedroom + one-bathroom unit. The buildings are 3,412 gross square feet and sits on a 17,713 square foot lot. Rental upside potential of 40%, there is room to increase rental income by optimizing the current rental rates. This can be achieved through strategic leasing, property improvements, and market-aligned rental adjustments. ADU Potential: The property offers the opportunity to explore the construction of Accessory Dwelling Units (ADUs). Adding ADUs can significantly enhance the property's income potential. Development Potential: In addition to the existing 5 units, the property presents development potential. By leveraging the property's zoning and local regulations, it may be possible to expand or redevelop the property to accommodate more units or explore mixed-use development options. Potential Capitalization Rate (CAP): 6%+ with market rents of the existing five units more adding ADUs
- Listed by Paul Herman • DRE #01330349 • Brokerage DRE #00812941 • Pinnacle Estate Properties
Property Details for 15931 Victory Boulevard
Water Front
None
ZoningLARD1.5
StyleGarden Home
Cross StreetsVictory between Woodley and West of the 405
Accessibility FeaturesNone
Parcel Number2233014007
Total Units5.0
Living Area3412
Location
Listing Courtesy of Pinnacle Estate Properties, Paul Herman, DRE #01330349
Sold By Pinnacle Estate Properties, Paul Herman, DRE #01330349
Add your commute
LISTING UPDATED: 09/12/2023 08:54 AM
Property Details for 15931 Victory Boulevard
| Status | Sold |
|---|---|
| MLS # | 23-276995 |
| Days on Market | 35 |
| Taxes | - |
| HOA Fees | - |
| Condo/Co-op Fees | - |
| Compass Type | Multi Family |
| MLS Type | Residential Income |
| Year Built | 1952 |
| Lot Size | 0.41 AC / 17,713 SF |
| County | Los Angeles County |
Location
Listing Courtesy of Pinnacle Estate Properties, Paul Herman, DRE #01330349
Sold By Pinnacle Estate Properties, Paul Herman, DRE #01330349
Add your commute
Building Information for 15931 Victory Boulevard
Stories1Residences-Year Built1952Building Size-Lot Size0.41 AC / 17,713 SF
Payment Calculator
$10,498 per month
30 year fixed, 7.25% Interest
Principal and Interest
$9,960
Property Taxes
$538
HOA Dues
$0
The Payment Calculator is for illustrative purposes only.
Property Information for 15931 Victory Boulevard
Community / Development
Community / Development
- Tax Mello Roos: Unknown
- Number Of Units: 5
- Professional Management: 6000.0
- Senior Community: No
- Builders Tract Name: Not in Development
Structure Info
Structure Info
- Year Built Source: Assessor
- Number Of Stories: 1
- Number Of Buildings: 3
- Type Of Units: SFR
- Entry Floor Number: 1
- Security Features: None
- Direction Faces: South
- Property Condition: Value Mainly In Land, Fixer
- Water: District, In Street
- Sewer: In Street
- Water Heaters: Yes
- ADA Compliance: No
- Additions Alterations: No
- Water Heater Features: Gas
- Building Permit: Yes
Contract Info
Contract Info
- Probate: No
- Financing: Conventional, Cash To New Loan, Cash, New, Submit
- Disclosures: As Is
- Listing Type: Exclusive Agency
- Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
- Scheduled Actual: Actual
- Gross Operating Income: $74,168
- Net Operating Income: $26,746.00
- Gross Income: $74,168
- Gross Scheduled Income: $74,168
- Cap Rate: 2.00%
- Gross Rent Multiplier: $22.50
- Actual Annual Gross Rent: $74,168.00
- Actual Gross Annual Income: $74,168
- Actual Rent Total: $74,168.00
- Financial Info as Of: 06/01/2023
- Owner Pays: Gardener, Water, Electricity
- Total Annual Expense: 38150
- Water Expense: $300.00
- Electric Expense: $200.00
- Trash Expense: $4,800.00
- Tax Expense: $18,000
- Expense Maintenance Percent: $8.00
- Gardener Expense: $1,800
- Insurance Expense: $2,250
- Expense Operating Percent: $50.00
Land / Lot Info
Land / Lot Info
- Additional Parcel Number: No
- Alley: No
- Paved: No
- Lot Acreage: 0.4066
- Lot Size Square Feet: 17713
- Lot Size Dimensions: 75x235
- Source Lot Size Dimensions: Assessor
- Lot Features: Back Yard, Front Yard, Value In Land
- Lot Description: Back Yard, Front Yard, Lot-Level/Flat, Redevelopment Area, Single Lot, Value In Land
- Lot Location: Park Nearby
Parking Details
Parking Details
- Parking Garage: Attached, Carport Attached
- Total Parking: 8
- Open Other Spaces Total: 8
- Garage Spaces Total: 1
- Carport Spaces Total: 1
- Parking Features: Attached Carport
- Attached Garage: Yes
- Garage Structures Total: 1.0
Interior Features
Interior Features
- Levels: Ground Level
- Fireplace Features: None
- Fireplace Rooms: None
- Cooling: None
- Cooling Type: None
- Heating: Wall Furnace
- Heating Type: Wall
- Flooring: Other
- Equipment: None
- Bathroom Features: Shower Over Tub
- Common Walls: Detached/No Common Walls
- Cooking Appliances: None
- Laundry: None
- Disability Access: None
- TV Services: Cable TV
Exterior Features
Exterior Features
- Tennis: No
- Tennis Court: None
- Roof: Asphalt
- Sprinklers: None
- Patio Features: None
- Entry Location: Living Room
- New Construction: No
- Exterior Construction: Combination
- Foundation Details: Slab, Raised
- Other Structures: None
Lease Terms
Lease Terms
- Entry Date: 06-04-2023
- Listing Terms: Cash, Cash To New Loan
- Rent Control: Yes
- Tenant Pays: Electricity, Cable TV, Gas
Unit Details
Unit 1 Information
- Unit Beds: 2
- Unit Baths: 1
- Unit Furnished: No
- Unit Rent: $1,376.00
- Unit Actual Rent: $1,376.00
- Unit Projected Rent: $2,850.00
- Like Units: 1
Unit 2 Information
- Unit Beds: 1
- Unit Baths: 1
- Unit Furnished: No
- Unit Rent: $1,650.00
- Unit Actual Rent: $1,650.00
- Unit Projected Rent: $1,850.00
- Like Units: 1
Unit 3 Information
- Unit Beds: 1
- Unit Baths: 1
- Unit Furnished: No
- Unit Rent: $1,150.00
- Unit Actual Rent: $1,150.00
- Unit Projected Rent: $1,850.00
- Like Units: 1
Unit 4 Information
- Unit Beds: 1
- Unit Baths: 1
- Unit Furnished: No
- Unit Rent: $1,018.00
- Unit Actual Rent: $1,018.00
- Unit Projected Rent: $1,850.00
- Like Units: 1
Unit 5 Information
- Unit Beds: 1
- Unit Baths: 1
- Unit Furnished: No
- Unit Rent: $987.00
- Unit Actual Rent: $987.00
- Unit Projected Rent: $1,850.00
- Like Units: 1
Unit Details
- Unit Type Type: 2106, 2107, 2108, 2109, 2110
- Number of Carpet: 3
- Number of Dishwasher: 0
- Number of Disposal: 0
- Number of Drapes: 0
- Number of Electric Meters: 4
- Number of Gas Meters: 4
- Number Leased: 5
- Number Patio: 0
- Number Range: 5
- Number Water Meters: 5
Tax and Assessed Info
Tax and Assessed Info
- Assessed Improvement Value: $300,498.00
- Assessed Improvement Percent: 69.78
- Assessed Land Value: $130,142.00
- Assessed Land Percent: 30.22
- Assessed Total Value: $430,640.00
Property History for 15931 Victory Boulevard
| Date | Event & Source | Price | Appreciation |
|---|
| Date | Event & Source | Price |
|---|
For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 15931 Victory Boulevard
Taxable ValueLand$132,744Additions$306,507Total$439,251
Tax Record2023$6,459 ($538 / month)
Home Facts
Total Finished SqFt3,412 SqFtAbove Grade Finished SqFt3,412 SqFtLot Size17,713 SqFtStyleMulti-Family Res (5+ Units)Year Built1952ZoningLARD1.5CountyLOS ANGELESAPN2233-014-007
Schools near 15931 Victory Boulevard
This home is within Los Angeles Unified School District.
Rating | School | Type | Grades | Distance |
|---|---|---|---|---|
| Public - | K to 5 | |||
| Public - | 6 to 8 | |||
| Charter - | 9 to 12 | |||
| Public - | 9 to 12 |
Rating | School | Distance |
|---|---|---|
Bassett Street Elementary School PublicK to 5 | ||
William Mulholland Middle School Public6 to 8 | ||
Birmingham Community Charter High School Charter9 to 12 | ||
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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Listing Courtesy of Pinnacle Estate Properties, Paul Herman, DRE #01330349
Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.