14239 Gilmore Street

Description

Because it was constructed in 1986, the property is not subject to Los Angeles Rent Control, instead allowing for larger annual rent increases under California AB1482. A new investor can capitalize on the fact that current rents have ample room for growth, as they currently sit approximately 64% below market rates. Listed at an attractive price per unit and price per square foot, this asset presents an opportunity to add significant value as cash flows rapidly increase due to its higher allowable rent raises. The property is not on the Los Angeles Department of Building and Safety's seismic retrofit list (Buyer to verify), saving a new investor a substantial amount of proceeds. Tenants enjoy ample covered parking, while additional income is provided via the on-site laundry facilities. Situated one block north of Victory Boulevard, between Van Nuys Boulevard and Hazeltine Avenue, the property lies in the heart of Van Nuys. This location allows tenants to be within blocks of the upcoming East San Fernando Valley Light Rail line, with a station planned for the corner of Victory Boulevard and Van Nuys Boulevard. In addition to providing quick transport within the Valley, this light rail line will offer residents convenient connections to both the Metrolink train and the Metro Orange and Red Lines. The city of Van Nuys and the Northeast San Fernando Valley posted a vacancy rate of less than three percent in the second quarter of 2023. Aside from the dense New York City boroughs, this vacancy rate sits among to lowest in the entire country among submarkets that contain at least 60,000 units. With relatively few new residential projects slated for the next two years, it is expected that these strong occupancy rates will remain, to the benefit of local landlords.