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These three adjacent properties on Willis Avenue in Panorama City have incredible potential. First, there is tremendous upside in rents with a projected 7.37 GRM and approximately a 10% cap rate based on market rents. Additionally, at $141,500 per unit, this is well below comparable sales given the sheer upside in rents. In addition, the property sits on 36,600 square feet of R3 zoned land with a Tier 3 TOC (70% bonus) allowing for up to 78 units to be developed.PROPERTY FEATURES
Sewer: Public Sewer
Water Source: Public
Uncovered Spaces: 40.00
# of Parking Spaces: 40.00
Lot Features: Landscaped,Rectangular Lot
Number Of Buildings: 3
Parcel Identification Number: 2210021032
Year Built Source: Assessor
Common Walls: 2+ Common Walls
Laundry Features: None
Laundry: Has Laundry
Zoning: LAR3
MLSAreaMajor: PC - Panorama City
PROPERTY DETAILS
Street Address: 7900 Willis Avenue
City: Panorama City
State: California
Postal Code: 91402
County: Los Angeles
MLS Number: SR24163292
Year Built: 1953
Courtesy of Lee & Associates
City: Panorama City
State: California
Postal Code: 91402
County: Los Angeles
MLS Number: SR24163292
Year Built: 1953
Courtesy of Lee & Associates
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