8 Units | Canoga Park | 14 Offers Generated
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The successful closing of this 8 unit multifamily property located at 6902 Milwood Avenue, Canoga Park, CA.
Property Description
This rent controlled property was built in 1964 and sits on a 0.15 acre corner lot, and is on a quiet street that's directly adjacent to the Los Angeles River. The 5,438 building square feet is divided into eight units with a mix of (1) Studio, (6) 1 bed / 1 bath units, and (1) 2 bed / 1 bath unit. Current rents are approximately 42% below full market potential.
Deal Story
We listed this property in October 2023 when market transactions were at all time lows. We initially listed the property for $1,595,000, which was higher than market value and higher than our suggested list price, but the seller wanted a to start a bit more aggressively because they were selling another 8-unit building for $200,000 more. This was possible because the other building had an assumable loan at 3.67%, which was significantly lower than the market rate at the time. Something our listing did not benefit from.
The successful closing of this 8 unit multifamily property located at 6902 Milwood Avenue, Canoga Park, CA.
Property Description
This rent controlled property was built in 1964 and sits on a 0.15 acre corner lot, and is on a quiet street that's directly adjacent to the Los Angeles River. The 5,438 building square feet is divided into eight units with a mix of (1) Studio, (6) 1 bed / 1 bath units, and (1) 2 bed / 1 bath unit. Current rents are approximately 42% below full market potential.
Deal Story
