9015 Owensmouth Ave, Canoga Park, CA 91304
- $5,160,000
- 70
- BD
- 40
- BA
- 24,500
- SqFt
- List Price
- $5,160,000
- Price Change
- ▼ $240,000 1782858565
- MLS#
- 26672753
- Status
- ACTIVE
- Type
- Multifamily
- Bedrooms
- 70
- Bathrooms
- 40
- Living Area
- 24,500
Property Description
9015 Owensmouth Ave 20-Unit Townhome-Style Asset on 1.10 AcresThis is a rare deal that offers both strong in-place cash flow and significant upside through renovation, ADUs, and future redevelopment.Key Highlights:Key Highlights:* 20-unit apartment community (1972) with large townhome units: (10) 4+2 and (10) 3+1.5 totaling 24,500 SF * Current NOI of approximately $299K with ~41% rental upside to market * Offered at $5.4M (~5.79% cap, $258K/unit, $210/SF, 9.97 GRM) * Situated on a rare 1.10-acre LAR3-zoned lot in an Opportunity ZoneValue-Add + Development Upside:* Immediate ADU potential: up to 13 additional units (conversion + detached) * By-right development potential of ~60 units* Up to ~102 units achievable with Tier 3 TOC incentives Location Fundamentals:* Positioned just off Topanga Canyon Blvd near Warner Center, CSUN, and Westfield Topanga* Strong rental demand with market rents significantly above current in-place rents* Excellent access to the 101 & 118 freeways and major employment hubsThis is an ideal opportunity for an investor looking to:*Execute a classic value-add strategy with mark-to-market rents*Add ADUs for yield expansion*Or land bank for future high-density redevelopmentWe're currently scheduling tours and accepting offers. I'd be happy to walk you through the underwriting and different execution strategies depending on your investment goals.Please let me know a good time to connect.
Additional Information
- Year Built
- 1972
- Garage
- Assigned, Other
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Courtesy of Matthews Real Estate Investment Services, Daniel Withers.
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