14224 Erwin St, Van Nuys, CA 91401

Property Description

INVESTMENT OVERVIEW A ten-unit apartment building located at 14224 Erwin St. in Van Nuys, CA the subject property was built in 1965 with living area of 6,127 square feet situated on a 7,501 square feet land. The unit mix is comprised of 2 (0+1) , 6 (1+1), 1 (2+1) and 1 (2+2). In addition, there is a paid plan and permit in place for a 3+1 ADU ready to be constructed upon close of escrow. Some units have been upgraded . There is laundry facilities on premises and retrofit has been completed. UPSIDE & LOAN ASSUMPTION There is a 30% + upside potential in rents at present. However, upon completion of ADU the upside potential will bring a 7.78% cap and 9.45 GRM. Last but not least, In this high interest rate market, buyer can be benefited by assuming the present loan with excellent rate of 3.06% for remainder term of 4-years . This is a rare value add opportunity for any investor. Call or Email Agent for more details and offering memorandum.