$ 6,700,000
6225 Reseda Boulevard Tarzana (los Angeles), CA 91335
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$ 6,700,000
Est. payment /mo
Active
6225 Reseda Boulevard Tarzana (los Angeles), CA 91335
25,718 SqFt
UPDATED:
06/19/2024 03:15 PM
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 25,718 sqft
Price per Sqft $260
MLS Listing ID CL24402503
HOA Y/N No
Year Built 1962
Lot Size 0.744 Acres
Acres 0.74
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
Location
State CA
County Los Angeles
Area Listing
Zoning LAR3
Interior
Fireplace No
Building
New Construction No
Others
Tax ID 2127015031
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Listed by Roderick 'Rick' Raymundo • Marcus & Millichap