9325 Sylmar Avenue Active Save Request In-Person Tour Request Virtual Tour
Panorama City (los Angeles),CA 91402
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 8,156 sqft
Price per Sqft $324
MLS Listing ID CL24432075
HOA Y/N No
Year Built 1950
Lot Size 0.390 Acres
Acres 0.39
Property Sub-Type Other
Property Description
***PRICE REDUCTION | MOTIVATED SELLER***9325 Sylmar Ave in Panorama City presents an excellent covered land play opportunity, combining immediate income with significant development opportunity. The property currently generates stable cash flow from 4 (1+1) and 8 (2+1) units and offers the ability to add 8 detached Non-Rent Control 2+2 ADUs in the parking lot. Seller will deliver the ADUs RTI prior to the close of escrow. This addition should immediately increase returns from a 4.52% Cap and 11.67 GRM to an 8.53% Cap and 7.79 GRM with no additional units turning over. After the construction the building would still have an addition 34% rental upside in rents. The buyer has the option to select from two strategies: The first is "Build and Hold" which offers exceptional cash flow once the 8 ADUs are added. We estimate that the buyer will have a 21.70 IRR%, 9.60 Pre-Tax cash flow, 8.53% cap rate with a 7.79 GRM after the ADU additions, unheard of in any market today. The second strategy is to "Build and Flip." We estimate the total purchase, construction and resale closing costs to be just north of $4,050,000; with the resale value of $5,730,000, generating approximate. $1,730,000 profit on your total investment. The investment is located just 3 blocks from the upcoming San Fernando
Location
State CA
County Los Angeles
Zoning LARD
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Fireplace No
Building
New Construction No
Others
Tax ID 2644029007