6901 Woodman Avenue

Van Nuys, CA 91405

$1,159,000
Price
8
Beds
4
Baths
3,120 Sq. Ft.
$371 / Sq. Ft.
3,120
Sq. Ft.
$371
per Sq. Ft.

Description

Consisting entirely of two-bedroom apartments, the property may be repositioned by a new investor to recapture the approximately 62% in rent upside. Under the same family ownership for the past 60 years, the asset presents an opportunity to either upgrade the existing structures or potentially redevelop the parcel, given its LAR3 zoning, Tier 1 TOC status, and ED1 eligibility. Situated near the corner of Vanowen Street and Woodman Avenue, tenants at the property will soon be within a short distance...Consisting entirely of two-bedroom apartments, the property may be repositioned by a new investor to recapture the approximately 62% in rent upside. Under the same family ownership for the past 60 years, the asset presents an opportunity to either upgrade the existing structures or potentially redevelop the parcel, given its LAR3 zoning, Tier 1 TOC status, and ED1 eligibility. Situated near the corner of Vanowen Street and Woodman Avenue, tenants at the property will soon be within a short distance of the upcoming East San Fernando Valley Light Rail line, with a new station planned for the corner of Vanowen Street and Van Nuys Boulevard. In addition to providing quick transport within the Valley, this light rail line will offer residents convenient connections to both the Metrolink train and the Metro Orange and Red Lines. The city of Van Nuys and the Northeast San Fernando Valley posted a vacancy rate of less than three percent in the second quarter of 2023. Aside from the dense New York City boroughs, this vacancy rate sits among to lowest in the entire country among submarkets that contain at least 60,000 units. With relatively few new residential projects slated for the next two years, it is expected that these strong occupancy rates will remain, to the benefit of local landlords.
  1. Listed by Roderick 'Rick' Raymundo • DRE #01357019 • Brokerage DRE #01240999 • Marcus & Millichap

Property Details for 6901 Woodman Avenue

Zoning
LAR3
Parcel Number
2216025013
Total Units
4.0
Living Area
3120
Source Living Area
Vendor Enhanced
Area
East Van Nuys
Vacancy Rate
0
Lot Size Area
10005

Location

Listing Courtesy of Marcus & Millichap, Roderick 'Rick' Raymundo, DRE #01357019
Add your commute
LISTING UPDATED: 04/16/2024 12:01 AM

Property Details for 6901 Woodman Avenue

StatusActive
MLS #24-377985
Days on Market24
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1953
Lot Size0.23 AC / 10,005 SF
CountyLos Angeles County

Location

Listing Courtesy of Marcus & Millichap, Roderick 'Rick' Raymundo, DRE #01357019
Add your commute

Building Information for 6901 Woodman Avenue

Stories1Residences-Year Built1953Building Size-Lot Size0.23 AC / 10,005 SF

Payment Calculator

$6,460 per month

30 year fixed, 7.25% Interest

Principal and Interest

$6,325

Property Taxes

$135

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 6901 Woodman Avenue

Community / Development
Community / Development
  • Number Of Units: 4
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 1
  • Number Of Buildings: 2
  • Type Of Units: Residential
Contract Info
Contract Info
  • Disclosures: As Is
  • Listing Type: Exclusive Right To Sell
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $57,287
  • Net Operating Income: $31,961.00
  • Gross Income: $59,052
  • Gross Rent Multiplier: $19.63
  • Total Annual Expense: 25326
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.2298
  • Lot Size Square Feet: 10005
Parking Details
Parking Details
  • Parking Garage: Assigned
  • Total Parking: 6
  • Parking Features: Assigned
Interior Features
Interior Features
  • Levels: One
  • Cooling Type: Other
  • Heating Type: Other
  • Equipment: None
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 04-10-2024
Unit Details
Unit 1 Information
  • Unit Beds: 2
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,226.00
  • Unit Actual Rent: $4,904.00
  • Unit Projected Rent: $7,980.00
  • Like Units: 4
Unit Details
  • Unit Type Type: 2106
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $42,620.00
  • Assessed Improvement Percent: 46.17
  • Assessed Land Value: $49,689.00
  • Assessed Land Percent: 53.83
  • Assessed Total Value: $92,309.00

Property History for 6901 Woodman Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 6901 Woodman Avenue

Taxable ValueLand$49,689Additions$42,620Total$92,309
Tax Record2023$1,621 ($135 / month)
Home Facts
Total Finished SqFt3,120 SqFtAbove Grade Finished SqFt3,120 SqFtLot Size10,005 SqFtStyleQuadraplexYear Built1953ZoningLAR3CountyLOS ANGELESAPN2216-025-013

Schools near 6901 Woodman Avenue

This home is within Los Angeles Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
Charter - K to 5
Rating
School
Distance
Kittridge Street Elementary School
PublicK to 5

James Madison Middle School
Public6 to 8

Van Nuys Senior High School
Public9 to 12

Ararat Charter School
CharterK to 5

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.

Similar Homes

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6901 Woodman Avenue is a multi-family home for sale in Van Nuys, CA 91405. This property was listed for sale on April 8, 2024 by Marcus & Millichap, it's currently listed at $1,159,000. This listing's school district is Los Angeles Unified School District. Nearby schools include Kittridge Street Elementary School, James Madison Middle School and Van Nuys Senior High School. 6901 Woodman Avenue is a 8-bed, 4-bath, 3,120 sqft multi-family home built in 1953.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Marcus & Millichap, Roderick 'Rick' Raymundo, DRE #01357019

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.