7961 Willis Avenue
7961 Willis Avenue
$3,150,000
26
23
15,621
15,621
$202
Active Under Contract
Description
The two story apartment consists of four 2 bedroom/ 2 bathroom units, three 2 bedroom/ 1 bathroom units, and the remainder of twelve 1 bedroom/ 1 bathroom units. Some of the units include balconies. The roof has been newly updated and the soft story retrofit work has been completed. Additionally there are 19 parking spots. The building size is 15,621 square feet that is built on a 18,221 square foot lot. The zoning is LAR3 Tier 3 TOC. The investment opportunity is located in the vibrant and up and...The two story apartment consists of four 2 bedroom/ 2 bathroom units, three 2 bedroom/ 1 bathroom units, and the remainder of twelve 1 bedroom/ 1 bathroom units. Some of the units include balconies. The roof has been newly updated and the soft story retrofit work has been completed. Additionally there are 19 parking spots. The building size is 15,621 square feet that is built on a 18,221 square foot lot. The zoning is LAR3 Tier 3 TOC. The investment opportunity is located in the vibrant and up and coming neighborhood of Panorama City. Located within blocks of the existing Panorama Mall, the future site of a planned 4.5 million square foot mixed use development site. Included in the proposal are 70,000 square feet of restaurant space, 125,000 square feet of retail space, 146,000 square feet of open space,and 90,000 square feet of entertainment space. 7961 Willis Avenue is a 0.7 mile 14 minute walk from the Metrolink Ventura County Line at the Van Nuys Metrolink Station stop. A noteworthy development project currently in the San Fernando Valley, the light rail line will connect the Metrolink Train Line inVan Nuys , the Metro Orange Line, the Metrolink Train Line in Van Nuys, and the Metrolink Train Line in Sylmar/San Fernando. The majority of the new transit line will run along the median of Van Nuys Boulevard, with a station planned within blocks of the subject property. With current rents approximately 60% below market rates, a savy investor can capitalize on this rent upside to create increasing cash flow even before the neighborhood improves with the pending development projects. An additional revenue stream is provided by the on-site laundry facilities.
- Listed by Meir Frydman • DRE #01910722 • Brokerage DRE #01854200 • KW Advisors
Property Details for 7961 Willis Avenue
Zoning
LAR3
Parcel Number2209040019
Total Units19.0
Living Area15621
Source Living AreaVendor Enhanced
AreaPanorama City (PC)
Vacancy Rate0
Lot Size Area18223
Location
LISTING UPDATED: 05/09/2024 05:04 PM
Property Details for 7961 Willis Avenue
Status | Active Under Contract |
---|---|
MLS # | 24-388019 |
Days on Market | 7 |
Taxes | - |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Multi Family |
MLS Type | Residential Income |
Year Built | 1966 |
Lot Size | 0.42 AC / 18,223 SF |
County | Los Angeles County |
Location
Building Information for 7961 Willis Avenue
Stories-Residences-Year Built1966Building Size-Lot Size0.42 AC / 18,223 SF
Payment Calculator
$20,219 per month
The Payment Calculator is for illustrative purposes only.
Property Information for 7961 Willis Avenue
Property History for 7961 Willis Avenue
Date | Event & Source | Price | Appreciation |
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Date | Event & Source | Price |
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For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 7961 Willis Avenue
Taxable ValueLand$1,675,010Additions$1,155,178Total$2,830,188
Tax Record2023$36,340 ($3,028 / month)
Home Facts
Total Finished SqFt15,621 SqFtAbove Grade Finished SqFt15,621 SqFtLot Size18,218 SqFtStyleMulti-Family Res (5+ Units)Year Built1966ZoningLAR3CountyLOS ANGELESAPN2209-040-019
Schools near 7961 Willis Avenue
This home is within Los Angeles Unified School District.
Rating | School | Type | Grades | Distance |
---|---|---|---|---|
Public - | K to 5 | |||
Public - | 6 to 8 | |||
Public - | 9 to 12 | |||
Public - | 9 to 12 |
Rating | School | Distance |
---|---|---|
Michelle Obama Elementary PublicK to 5 | ||
Vista Middle School Public6 to 8 | ||
Panorama High School Public9 to 12 | ||
Cal Burke High School Public9 to 12 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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