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May 21, 2024
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SOUTHERN CALIFORNIA NEWS
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San Fernando Valley Apartment Building Trades for $156k/Unit

2/28/24

A 20-unit apartment property in the eastern San Fernando Valley community of Panorama City sold for $3.115 mil ($156k/unit). Built in 1958, the property is located at 14735 Blythe St, west of Van Nuys Blvd and south of Roscoe Blvd.

The value-add property has potential to build up to 46 units utilizing TOC tier 3 incentives. The current unit mix is eight one-bedroom / one-bathroom units and 12 two-bedroom / one-bathroom units.

Jason Tuvia and Joshua Yeager with Marcus & Millichap represented the seller in the deal. The property was delivered with a majority of tenants past due on rents. The transaction closed with a 5.4% cap rate and a gross rent multiplier of 10.14.





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