$5,300,000
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14687 Rayen St Panorama City, CA 91402
42 Beds
40 Baths
20,829 SqFt
Key Details
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 20,829 sqft
Price per Sqft $232
MLS Listing ID 23-331875
Bedrooms 42
Year Built 1964
Lot Size 0.531 Acres
Property Description
***HUGE PRICE REDUCTION***VACANT 2+2 UNIT LEASED AT $2,550*** IN-PLACE 6.31% CAP RATE, 10.18 GRM***18 (2+2) 2 (3+2) units in Panorama City. Property is located in Panorama City, the next multifamily hotspot. There are big changes going on near Panorama City and North Hills. Primestor and the city are planning a major development called the "Panorama City Center". This massive development will offer over 5 million square feet of multi-family, retail, restaurants, entertainment, fitness, office, and medical. Basically, a walking city. This adds to other current and future huge developments being planned in the area. Izek Shomof has already converted the Panorama Tower, previously an office building, into 194 luxury residential apartments and due it's success, is now planning on building another 200 apartments w/ retail right next door. We believe these major investments are due to the upcoming Light Rail Transit Line on Van Nuys Blvd. Transit Lines have been proven to change neighborhoods, sometimes increasing rents 25-67%. Large developers know this and build accordingly. These transformative large developments further change the neighborhoods. Nearby property owners receive the benefits. Call us, we can help you profit from this. The Next Multifamily Hotspot echoing the Success of North Hollywood and Korea Town | Less than 1/2 mile from the coming Van Nuys Light Rail, New public transit stops drive up nearby rental prices 25% - 60% | 1/2 a mile to the Future Panorama City Center, a 5,000,000 Sq Ft Transportation Oriented Development sure to Transform the Neighborhood | New Developments Change Neighborhoods, Additional Significant Developments are Planned in the Area by Major Developers | 80% 2 Bedroom 2 Bath, 20% 3 Bedroom 2 Bath | All units have nice kitchens, kitchen cabinets, flooring and bathrooms | Potential to add an ADU without losing parking (Buyer to confirm) | Contact us for an OM.
Location
State CA
County Los Angeles
Area Panorama City
Zoning LAR3
Rooms
Other Rooms None
Interior
Heating Wall
Cooling Window Unit(s)
Equipment Other
Exterior
Garage Carport Attached
Garage Spaces 20.0
Building
Story 2
Others
Special Listing Condition Standard
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Bought with Vista Sotheby s International Realty