$ 6,700,000
6225 Reseda BLVD Tarzana, CA 91335
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$ 6,700,000
Est. payment /mo
Active
6225 Reseda BLVD Tarzana, CA 91335
52 Beds
44 Baths
25,718 SqFt
UPDATED:
09/30/2024 06:44 PM
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 25,718 sqft
Price per Sqft $260
MLS Listing ID 24402503
Bedrooms 52
HOA Y/N No
Year Built 1962
Lot Size 0.744 Acres
Property Description
Constructed in 1962, the two-story building features an attractive unit mix containing mostly two-bedroom units. Current rents sit well below local market rates, allowing a new owner the potential to capitalize on approximately 54% in rent upside. Properties in the Tarzana submarket rarely become available, as only seven such buildings have sold within the past three years, according to CoStar COMPS. Given the recent and continuing development boom in neighboring Warner Center and Woodland Hills, this asset would allow an investor to take advantage of those new and upcoming amenities, albeit at a lower price point. Over the past three years, the average sales price per unit in Woodland Hills has been over $430,000 per unit, whereas Tarzana sales have averaged only $259,207 per unit. CAP Rates in Tarzana have also been approximately 51 basis points higher than in Woodland Hills, allowing Tarzana owners to earn greater returns on their investments despite the immediate proximity of the two neighboring cities. Situated near the intersection of Oxnard Street and Reseda Boulevard, the property allows residents convenient access to the new Topanga Village shopping center as well as the recently opened Topanga Social premium food hall. Adjacent to the upcoming Los Angeles Rams practice facility at 21555 Oxnard Street, team owner Stan Kroenke holds land entitled for a potential 35-acre mixed-use development. Proposals for the site show 280,000 square feet of restaurant and retail offerings, hotels, offices, and residential units. The $1 billion project would provide a significant amenities boost to the already thriving neighborhood, all of which benefits investors in the immediate area.
Location
State CA
County Los Angeles
Area Tar - Tarzana
Zoning LAR3
Interior
Fireplace No
Exterior
Garage Assigned
Parking Type Assigned
Total Parking Spaces 30
Building
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 2127015031
Special Listing Condition Standard
Listed by Roderick 'Rick' Raymundo • Marcus & Millichap