PROPERTY DESCRIPTION

17319 Vanowen Street is an 18 Unit apartment building located in the Los Angeles neighborhood of Lake Balboa. The building is in excellent condition with attentive ownership and has recently undergone substantial upgrades which will give the new owner ease-of-mind. The roof has recently been completely replaced and the soft-story retrofitting has been completed. Per the LADBS, the certificate of compliance was issued 6/11/2021. Further, many of the units have been upgraded as the units have been turned over. The upgraded units are remodeled with luxurious interiors that include quartz countertops, hardwood floors, new lighting, fans, drywall, and commercial grade copper plumbing.The layout of the property is special and offers many benefits to an investor. The front entrance is gated and leads into a grass courtyard that is well-maintained and enjoyed by the tenants. The (18) units surround the grass courtyard and multiple stairways provide access to the second floor that allows plenty of natural light into the units.There is also another strategic advantage of this building's layout for the intelligent investor. At the rear of the property sits parking facilities. According to the statewide legislation regarding ADUs, this property would be suitable for an additional 4 ADUs to be added to the property, or more if submitted and permitted by the city. The location and potential addition of these ADUs will most likely find a suitably well-paid pool of rental applicants in the massive numbers of employees of those who will be flying into and out of the Van Nuys Airport, as It becomes a dominant regional airport for Los Angeles County now that Santa Monica Airport is set to close forever in 2028. With this additional value to consider, it is evident that the value will grow beyond its purchase price of $5,700,000 and will be an anchor in the portfolio of the fortunate investor who is able to acquire it.Currently, the back alley access has carport parking for each unit and is protected by a locking gate for extra security in addition to a 2-Car Garage and a 1-Car Garage on the premises. The building also features a laundry room with equipment that will transfer with the sale. For the astute investor this apartment building has the potential to provide over 80% upside in rental rate and has the space for additional ADUs making this a solid investment opportunity in a great rental market of LA!