$3,300,000
$3,395,000
2.8%For more information regarding the value of a property, please contact us for a free consultation.
13,824 SqFt
SOLD DATE : 11/26/2024
Key Details
Sold Price $3,300,000
Property Type Commercial
Sub Type Other
Listing Status Sold
Purchase Type For Sale
Square Footage 13,824 sqft
Price per Sqft $238
MLS Listing ID CRSR24163292
Sold Date 11/26/24
HOA Y/N No
Year Built 1953
Lot Size 0.840 Acres
Acres 0.84
Property Sub-Type Other
Property Description
These three adjacent properties on Willis Avenue in Panorama City have incredible potential. First, there is tremendous upside in rents with a projected 7.37 GRM and approximately a 10% cap rate based on market rents. Additionally, at $141,500 per unit, this is well below comparable sales given the sheer upside in rents. In addition, the property sits on 36,600 square feet of R3 zoned land with a Tier 3 TOC (70% bonus) allowing for up to 78 units to be developed.
Location
State CA
County Los Angeles
Zoning LAR3
Interior
Fireplace No
Laundry No Hookups
Building
Lot Description Other
Sewer Public Sewer
Water Public
New Construction No
Others
Tax ID 2210021032
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© 2025 BEAR, CCAR, bridgeMLS. This information is deemed reliable but not verified or guaranteed. This information is being provided by the Bay East MLS or Contra Costa MLS or bridgeMLS. The listings presented here may or may not be listed by the Broker/Agent operating this website.
Bought with AdamFeldman
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