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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
Number of Units : 24
Unit 1 : Number of Unit(s) : 1
Unit 1 : Total Bedrooms : 1
Unit 1 : Total Bathrooms : 1
Unit 2 : Number of Unit(s) : 2
Unit 2 : Total Bedrooms : 2
Unit 2 : Total Bathrooms : 1
Parking Garage Unit 1 : Assigned
Site : Curbs,Sidewalks
Zoning : Assessor
PROPERTY DETAILS
Street Address: Address not disclosed
City: Panorama City
State: California
Postal Code: 91402
County: Los Angeles
MLS Number: SR24163292
Year Built: 0
Courtesy of Lee & Associates
City: Panorama City
State: California
Postal Code: 91402
County: Los Angeles
MLS Number: SR24163292
Year Built: 0
Courtesy of Lee & Associates
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