8517 Cedros Ave, Panorama City, CA 91402
- $2,200,000
- 16
- BD
- 8
- BA
- 7,168
- SqFt
- Sold Price
- $2,200,000
- List Price
- $2,295,000
- Closing Date
- Mar 31, 2023
- MLS#
- 23-242677
- Status
- SOLD
- Type
- Multifamily
- Bedrooms
- 16
- Bathrooms
- 8
- Living Area
- 7,168
Property Description
Cash Cow Alert! Existing 6% Cap Rate and 11.9 GRM from Day 1. Large 7,168 SF Renovated building that features 8 large 2 Bed/1 Bath units. Priced only at $320/SF for fully renovated units that are cash flowing at a current 6% Cap Rate and 11.9 GRM with additional upside to an 8.2% cap rate and 8.9 GRM on the proforma. The offering features 16 tandem parking spaces (2 spaces per unit) in the covered carport area in the back. This Newer complex was built in 1977 and consists of two 4-unit structures that have been fully renovated in 2022. Individually metered for Gas & Electricity, Central AC/Heat for all units, as well as newer roofs. Preliminary plans to add 3 ADUs (1 Attached ADU in the Laundry room + 2 Detached ADUs over the back Carport) to further improve the numbers. Do not miss out on your chance to acquire a stabilized 8-unit apartment building located in a high-demand rental area of Panorama City!
Additional Information
- Year Built
- 1977
- Garage
- Carport Detached
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Courtesy of Global Platinum Properties, Inc., Julio Ruiz. Selling Office: .
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