7543 Canby Ave, Reseda

LAAA Team of Marcus & Millichap is proud to announce the successful sale of this 8-unit apartment building located at 7543 Canby Avenue in Reseda, California.

LAAA Team is #1 in the San Fernando Valley

According to CoStar's most active agent rankings, Marcus & Millichap's Senior Vice Presidents Glen Scher and Filip Niculete have sold more apartment buildings than anyone else in the San Fernando Valley this year to date. Through the end of April, Glen and Filip have sold 9 apartment buildings in the Valley, which is 5 more than their nearest competitor. In total, these 9 apartment sales combine for $47 million in volume and 128 apartment units sold.

See below for a detailed list of these closings.

7543 Canby Ave - Property Overview

This 5,501 square foot building sits on an 8,425 square foot lot (0.19 acres), and it boasts an excellent unit mix of six 1 Bed / 1 Bath units and two 2 Bed / 1 Bath units. The offering presents a true value add opportunity for an investor with over 60% upside in rents, and with no tuck-under parking, the property does not need any seismic retrofitting. This investment offering provides a savvy investor the opportunity to capitalize on the existing low rents and own an investment property in a strong and centrally located rental pocket of Reseda. The potential yield this property has to offer is one of a kind.

7543 Canby Ave - Deal Story

We listed this property at the end of March and started our marketing on March 22, 2022 when we sent out our first "just listed" email campaign to nearly 20,000 principals and brokers. Within 2 weeks, we were able to generate 4 offers from a mixture of our clients and outside brokers' buyers. The winning buyer was selected due to his great terms which were all cash, a quick due diligence period, and a quick close.

This property generated a lot of activity because it was the perfect value-add opportunity that many buyers are looking for. With a low price per unit and more than 65% upside potential in rent, there was a lot of room on this property to get the value up through more aggressive ownership tactics than the seller had employed for the many years of his ownership.

To learn more about this successful sale, or to receive a pricing and 1031 exchange analysis on your apartment building, please give us a call today!

Closing