17319 Vanowen Street $5,700,000

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    17319 Vanowen Street Lake Balboa, CA 91406

    • 0 Beds
    • 0 Baths
    • 14,508 sq. ft.
    • Multi-Family
    • MLS# SB23228296
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    Views: 5 Days On Site: 115

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    Property Details

    17319 Vanowen Street is an 18 Unit apartment building located in the Los Angeles neighborhood of Lake Balboa. The building is in excellent condition with attentive ownership and has recently undergone substantial upgrades which will give the new owner ease-of-mind. The roof has recently been completely replaced and the soft-story retrofitting has been completed. Per the LADBS, the certificate of compliance was issued 6/11/2021. Further, many of the units have been upgraded as the units have been turned over. The upgraded units are remodeled with luxurious interiors that include quartz countertops, hardwood floors, new lighting, fans, drywall, and commercial grade copper plumbing. The layout of the property is special and offers many benefits to an investor. The front entrance is gated and leads into a grass courtyard that is well-maintained and enjoyed by the tenants. The (18) units surround the grass courtyard and multiple stairways provide access to the second floor that allows plenty of natural light into the units. There is also another strategic advantage of this building's layout for the intelligent investor. At the rear of the property sits parking facilities. According to the statewide legislation regarding ADUs, this property would be suitable for an additional 4 ADUs to be added to the property, or more if submitted and permitted by the city. The location and potential addition of these ADUs will most likely find a suitably well-paid pool of rental applicants in the massive numbers of employees of those who will be flying into and out of the Van Nuys Airport, as It becomes a dominant regional airport for Los Angeles County now that Santa Monica Airport is set to close forever in 2028. With this additional value to consider, it is evident that the value will grow beyond its purchase price of $5,700,000 and will be an anchor in the portfolio of the fortunate investor who is able to acquire it. Currently, the back alley access has carport parking for each unit and is protected by a locking gate for extra security in addition to a 2-Car Garage and a 1-Car Garage on the premises. The building also features a laundry room with equipment that will transfer with the sale. For the astute investor this apartment building has the potential to provide over 80% upside in rental rate and has the space for additional ADUs making this a solid investment opportunity in a great rental market of LA!

    • General Features
      • Year Built 1960
      • Special Listing Conditions Standard
      • Year Built Source Assessor
      • Rent Control Y/N Yes
      • Property Attached Y/N Yes
      • Directions 2 Blocks West of the Corner of Louise Ave and Vanowen Street
      • County Or Parish Los Angeles
      • Property Sub Type Commercial/Residential
      • New Construction Y/N No
    • Building Features
      • Entry Level 1
      • Entry Location Yes
      • Building Area Total 14508.00
      • Building Area Units Square Feet
      • Carport Spaces 15.00
      • Common Walls 2+ Common Walls
      • Flooring Wood
      • Garage Spaces 3.00
      • Laundry Features Common Area
      • Levels Two
      • Number Of Buildings 1
      • Number Of Units Total 18
      • Parking Features Carport
      • Sewer Public Sewer
      • Parking Total 18.00
      • Pool Features None
      • Pool Private Y/N No
    • Property Features
      • Community Features Biking
      • Elevation Units Feet
      • Land Lease Y/N 0
      • Lot Size Units Square Feet
      • Lot Size Square Feet 18366.00
      • Lot Size Source Assessor
      • Lot Size Area 18366.0000
      • Lot Size Acres 0.42
      • Lot Features 16-20 Units/Acre
      • Number Of Separate Electric Meters 19
      • Number Of Separate Gas Meters 19
      • Number Of Separate Water Meters 1

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    Neighborhood

    91406 (Lake Balboa) Demographics

    35 Median Age
    6,666 Population Density (per sq. mile)
    36% College Educated
    $61,880 Estimated Median Income
    7,217 Estimated Total Home Owners
    11,468 Estimated Total Renters
    39% / 61% Estimated Owner / Renter Divide
    3 Estimated Average Household Size
    54,309 Total Population
    Community data courtesy of LiveBy, Inc.

    Market Last 30 Days In This Postal Code

    $876,000 Median Sales Price
    24 Homes Sold
    65 New On Market

    Average Days on Site

      Properties for Sale

        Calculations provided by Reliance Network

        Property History

        Date Event Price Percent Change
        -- Current Price Source: Multiple Listing Service New Value: $5,700,000
        12/19/2023 5:51:00 PM New in Database Source: Multiple Listing Service New Value: $5,700,000

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        Based on information from CRISNet MLS as of 4/12/2024 2:01:23 PM PST. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.

        Note: All room dimensions, including square footage data, are approximate and must be verified by the buyer. The information contained herein is furnished by the owner to the best of his/her knowledge but is subject to verification by the purchaser, and agent assumes no responsibility for the correctness thereof. The sale offering is made subject to errors, omissions, change of price, prior sale, or withdrawal without notice. In accordance with the Law, this property is offered without respect to race, color, creed, national origin, sex, familial status or disability. This is not intended to solicit property currently listed.