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Value Add Opportunity | 18% Upside In Rents 6860 Woodley Ave 7 Unit Apartment Building $2,526,471 CAD ($360,924 CAD/Unit) 5.31% Cap Rate Van Nuys, CA 91406
Investment Highlights
- Non-RSO / AB 1482 Only: Post-1978 construction (1988) exempts the property from the City of Los Angeles Rent Stabilization Ordinance.
- Six of seven tenants are on month-to-month leases, allowing a new owner to implement rent increases without waiting for lease expirations.
- Lake Balboa Park Proximity: The property is located within walking distance of Lake Balboa Park, a 70-acre municipal park.
- 18.5% Rent Upside to Pro Forma: Current rents average $2,109 per month across the seven units, compared to achievable market rents of $2,500 per month
- Clean All-2BR/2BA Product: All seven units are identically configured twobedroom/ two-bathroom flats at approximately 1,119 square feet each.
- First Offering in 32 Years: The property has been held by the Berkus Trust since 1994 and is being offered for sale for the first since purchase.
Executive Summary
The LAAA Team of Marcus & Millichap is pleased to present 6860 Woodley Avenue, a seven-unit multifamily property in the Lake Balboa neighborhood of Van Nuys. Built in 1988, the two-story building encompasses 7,830 square feet of rentable space on a 6,999-square-foot lot zoned [Q]R3-1. All seven units are two-bedroom/two-bathroom flats, averaging 1,119 square feet, offering a clean and uniform product type. The property is situated on a quiet residential stretch of Woodley Avenue, approximately one mile south of Van Nuys Airport and within walking distance of Lake Balboa Park.
The building's consistent unit mix makes it operationally straightforward, with individually metered gas and electric, no on-site manager requirement, and no pool or common laundry to maintain. As a post-1978 property, 6860 Woodley is exempt from the City of Los Angeles Rent Stabilization Ordinance, subject only to the statewide AB 1482 Tenant Protection Act. This regulatory status gives owners greater flexibility to adjust rents to market levels. Current rents range from $2,067 to $2,150 per month, well below the achievable market range of $2,400 to $2,600 per month for comparable two-bedroom units on the Woodley Avenue corridor.
Lake Balboa offers stable renter demand driven by relative affordability compared to more central Valley submarkets. The subject's 18.5 percent rent upside from current to pro forma income presents a clear value-add opportunity for buyers seeking immediate cash flow improvement without capital renovation. The all-2BR/2BA format attracts a reliable tenant base of working professionals and families, and the 1,119-square-foot unit size is larger than most competing inventory on the corridor. At 100 percent occupancy with month-to month leases on six of seven units, a new owner can begin implementing rent adjustments immediately upon closing.
The building's consistent unit mix makes it operationally straightforward, with individually metered gas and electric, no on-site manager requirement, and no pool or common laundry to maintain. As a post-1978 property, 6860 Woodley is exempt from the City of Los Angeles Rent Stabilization Ordinance, subject only to the statewide AB 1482 Tenant Protection Act. This regulatory status gives owners greater flexibility to adjust rents to market levels. Current rents range from $2,067 to $2,150 per month, well below the achievable market range of $2,400 to $2,600 per month for comparable two-bedroom units on the Woodley Avenue corridor.
Lake Balboa offers stable renter demand driven by relative affordability compared to more central Valley submarkets. The subject's 18.5 percent rent upside from current to pro forma income presents a clear value-add opportunity for buyers seeking immediate cash flow improvement without capital renovation. The all-2BR/2BA format attracts a reliable tenant base of working professionals and families, and the 1,119-square-foot unit size is larger than most competing inventory on the corridor. At 100 percent occupancy with month-to month leases on six of seven units, a new owner can begin implementing rent adjustments immediately upon closing.
Property Facts
| Price | $2,526,471 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $360,924 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Cap Rate | 5.31% | Building Size | 7,830 SF |
| Gross Rent Multiplier | 10.44 | Average Occupancy | 90% |
| No. Units | 7 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1988 |
| Property Subtype | Apartment | Parking Ratio | 0.89/1,000 SF |
| Zoning | R3-1, Los Angeles | ||
| Price | $2,526,471 CAD |
| Price Per Unit | $360,924 CAD |
| Sale Type | Investment |
| Cap Rate | 5.31% |
| Gross Rent Multiplier | 10.44 |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 7,830 SF |
| Average Occupancy | 90% |
| No. Stories | 2 |
| Year Built | 1988 |
| Parking Ratio | 0.89/1,000 SF |
| Zoning | R3-1, Los Angeles |
Amenities
Unit Amenities
- Balcony
Site Amenities
- Security System
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 7 | - | 1,050 |
1 1
Moderately walkable
60/100
Exceptionally drivable
90/100
Some public transit
40/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 2224-027-021 | Improvements Assessment | $446,834 CAD |
| Land Assessment | $194,755 CAD | Total Assessment | $641,588 CAD |
Property Taxes
Parcel Number
2224-027-021
Land Assessment
$194,755 CAD
Improvements Assessment
$446,834 CAD
Total Assessment
$641,588 CAD
Contacts
-
Glen Scher -
Filip Niculete -
Martin Agnew -
Ryan Rothstein-Serling -
Joshua Yaris -
Marcus & Millichap
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Value Add Opportunity | 18% Upside In Rents | 6860 Woodley Ave
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