8407 Cedros Avenue

Panorama City, CA 91402

$2,700,000
Price
2
Beds
16
Baths
7,188 Sq. Ft.
$376 / Sq. Ft.
7,188
Sq. Ft.
$376
per Sq. Ft.

Description

Set to benefit immensely from its position in the path of development, the property sits only one block from the planned 4.5 million square foot mixed-use development slated for the site of the existing Panorama Mall. Included in the proposal are 125,000 square feet of retail space, 70,000 square feet of restaurant space, 90,000 square feet of entertainment space, and 146,000 square feet of open space. That project intends to capitalize on the upcoming East San Fernando Valley Light Rail Line, which...Set to benefit immensely from its position in the path of development, the property sits only one block from the planned 4.5 million square foot mixed-use development slated for the site of the existing Panorama Mall. Included in the proposal are 125,000 square feet of retail space, 70,000 square feet of restaurant space, 90,000 square feet of entertainment space, and 146,000 square feet of open space. That project intends to capitalize on the upcoming East San Fernando Valley Light Rail Line, which will include a Metro stop just two blocks from 8407 Cedros Avenue. Perhaps the most noteworthy development project currently in the San Fernando Valley, the light rail line will connect the Metro Orange Line, the Metrolink Train Line in Van Nuys, and the Metrolink Train Line in Sylmar/San Fernando. The majority of the new transit line will run along the median of Van Nuys Boulevard, with a station planned just two blocks from 8407 Cedros Avenue. In addition to boosting commerce in the immediate area, it will also provide the benefit of more convenient transportation for the property's tenants. With current rents approximately 42% below market rates, a new owner can capitalize on this rent upside to create increasing cash flow even before the neighborhood improves with the pending development projects. The building already features full copper plumbing, allowing an investor to enter the Los Angeles market at an attractively low $168,750 per unit with reduced maintenance costs. The existing loan may be assumable, allowing an investor to benefit from the low 3.14% interest rate as well. An additional revenue stream is provided by the on-site laundry facilities.
  1. Listed by Roderick 'Rick' Raymundo • DRE #01357019 • Brokerage DRE #01240999 • Marcus & Millichap

Property Details for 8407 Cedros Avenue

Zoning
LAR4
Parcel Number
2653019014
Total Units
16.0
Living Area
7188
Source Living Area
Assessor
Area
Panorama City (PC)
Vacancy Rate
0
Lot Size Area
7545

Location

Listing Courtesy of Marcus & Millichap, Roderick 'Rick' Raymundo, DRE #01357019
Add your commute
LISTING UPDATED: 02/08/2024 04:33 PM

Property Details for 8407 Cedros Avenue

StatusActive
MLS #23-239475
Days on Market438
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1964
Lot Size0.17 AC / 7,545 SF
CountyLos Angeles County

Location

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

Building Information for 8407 Cedros Avenue

Stories2Residences-Year Built1964Building Size-Lot Size0.17 AC / 7,545 SF

Payment Calculator

$16,408 per month

30 year fixed, 7.25% Interest

Principal and Interest

$14,735

Property Taxes

$1,673

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 8407 Cedros Avenue

Community / Development
Community / Development
  • Number Of Units: 16
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 2
  • Number Of Buildings: 1
  • 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: $201,710
  • Net Operating Income: $108,466.00
  • Gross Income: $204,948
  • Cap Rate: 4.02%
  • Gross Rent Multiplier: $12.98
  • Total Annual Expense: 93243
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.1726
  • Lot Size Square Feet: 7545
  • Lot Size Dimensions: 50x150
  • Source Lot Size Dimensions: Vendor Enhanced
Parking Details
Parking Details
  • Parking Garage: Assigned
  • Total Parking: 6
  • Parking Features: Assigned
Interior Features
Interior Features
  • Levels: Two
  • Cooling: None
  • Cooling Type: None
  • Heating Type: Other
  • Equipment: None
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 02-07-2023
Unit Details
Unit 1 Information
  • Unit Beds: 0
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,027.00
  • Unit Actual Rent: $14,389.00
  • Unit Projected Rent: $21,000.00
  • Like Units: 14
Unit 2 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,345.00
  • Unit Actual Rent: $2,690.00
  • Unit Projected Rent: $3,390.00
  • Like Units: 2
Unit Details
  • Unit Type Type: 2106, 2107
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $606,740.00
  • Assessed Improvement Percent: 39.68
  • Assessed Land Value: $922,246.00
  • Assessed Land Percent: 60.32
  • Assessed Total Value: $1,528,986.00

Property History for 8407 Cedros 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 8407 Cedros Avenue

Taxable ValueLand$940,690Additions$618,874Total$1,559,564
Tax Record2023$20,079 ($1,673 / month)
Home Facts
Total Finished SqFt7,188 SqFtAbove Grade Finished SqFt7,188 SqFtLot Size7,545 SqFtStyleMulti-Family Res (5+ Units)Year Built1964ZoningLAR4CountyLOS ANGELESAPN2653-019-014

Schools near 8407 Cedros 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
Public - 9 to 12
Rating
School
Distance
Michelle Obama Elementary
PublicK to 5

Vista Middle School
Public6 to 8

Panorama High School
Public9 to 12

Cal Burke High School
Public9 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.

Similar Homes

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8407 Cedros Avenue is a multi-family home for sale in Panorama City, CA 91402. This property was listed for sale on February 7, 2023 by Marcus & Millichap, it's currently listed at $2,700,000. It has been on the market for a total of 438 days and was last sold on July 24, 2008. This listing's school district is Los Angeles Unified School District. Nearby schools include Michelle Obama Elementary, Vista Middle School and Panorama High School. 8407 Cedros Avenue is a 2-bed, 16-bath, 7,188 sqft multi-family home built in 1964.

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.