PRICE: $6,200,000

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A 34-Unit Garden Style Apartment Complex​

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Daniel Hirth and Alex Reyhan of The Hirth Group are excited to present 8204 Langdon Avenue, a 34-unit apartment building in Van Nuys, CA. Built in 1977, this property is situated on a ±34,260 SF lot and comprises of 32 one-bedroom/one-bath units and 2 two-bedroom/one-bath units, totaling±19,938 gross square feet. The building has undergone significant capital expenditures. In the past two years, ownership bought out fourteen tenants and fully remodeled them which now feature stainless steel appliances, granite countertops, updated bathrooms, kitchens, and new vinyl flooring throughout.

 

A key highlight is its value-add potential with tremendous upside on the rents. Current rents are approximately 47% below market rates, offering substantial upside for the buyer. Assuming the buyer turns over the remaining units and achieves market rents, the property could generate around $64,000 in gross income per month, or approximately $768,000 annually, raising the CAP rate to 8.54%.

 

A key point of this investment opportunity is the potential for seller financing at 4.5% interest only, fixed, for 3 years.  This allows an investor a 7.10% cash-on-cash on the current and to reach a potential 12.59% cash-on-cash when market rents are achieved.

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Located in the heart of Van Nuys with a Walk Score of 82 (Very Walkable), this property is part of a major commercial hub in the greater Los Angeles area. It offers convenient access to major transportation routes, including highways and public transit. The property’s proximity to shopping centers, restaurants, and business services enhances its appeal to both tenants and customers. Furthermore, the area’s robust demographic profile and steady economic growth support long-term investment viability. With its central location and favorable market conditions, this property is an excellent opportunity for investors looking to capitalize on the vibrant commercial real estate market in Van Nuys, California.