75 Units | Panorama City | Fully Non-Contingent Offer
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The LAAA Team of Marcus & Millichap is pleased to proud to announce the successful closing of Cedros Terrace Apartments, a 75 unit apartment community located in Panorama City, CA.
Property Overview
Built in 1986, this property is not subject to Los Angeles' strict Rent Stabilization Ordinance (RSO), but it is subject to California's AB-1482 which limits annual rent increases to 5% + CPI. With inflation being where it is, the buyer will soon be able to raise the rents on this building by 10%, which is the maximum rent increase (ceiling) allowed by AB-1482. The property has a great unit mix of (63) 1 Bed / 1 Bath Units and (12) 2 Bed / 1 Bath Units, with the average size of the units being 650sf and 875sf, respectively. The tenants are provided with security through an automatic and gated entry system for both the building entrance and parking garage entrance. Furthermore, the property offers its tenants a pool to enjoy and elevators to access all 4 floors above ground and the subterranean parking lot below ground. Units come with wall AC units, private balconies, open floor plans, and large closets and storage spaces.
Deal Story
We listed this property at the end of June 2022 for a repeat client of ours. This property was the longest owned building in our client's portfolio, and they decided to sell because there was a half step up in basis, allowing for a significantly reduced capital gains tax.
The LAAA Team of Marcus & Millichap is pleased to proud to announce the successful closing of Cedros Terrace Apartments, a 75 unit apartment community located in Panorama City, CA.
Property Overview
Built in 1986, this property is not subject to Los Angeles' strict Rent Stabilization Ordinance (RSO), but it is subject to California's AB-1482 which limits annual rent increases to 5% + CPI. With inflation being where it is, the buyer will soon be able to raise the rents on this building by 10%, which is the maximum rent increase (ceiling) allowed by AB-1482. The property has a great unit mix of (63) 1 Bed / 1 Bath Units and (12) 2 Bed / 1 Bath Units, with the average size of the units being 650sf and 875sf, respectively. The tenants are provided with security through an automatic and gated entry system for both the building entrance and parking garage entrance. Furthermore, the property offers its tenants a pool to enjoy and elevators to access all 4 floors above ground and the subterranean parking lot below ground. Units come with wall AC units, private balconies, open floor plans, and large closets and storage spaces.
Deal Story
