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Key Details
Sold Price $2,950,000
Property Type Condo
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
MLS Listing ID SR23146343
Sold Date 01/25/24
Construction Status Turnkey
HOA Y/N No
Year Built 1962
Lot Size 0.349 Acres
Property Description
Topanga Villa is a well located 15 unit garden-style building with a central courtyard. The building has a great unit mix featuring a majority of two bedroom/two bath units. Units are very large and average over 970 SF. The building is consistently 100% occupied.
This building has tremendous rental upside. Existing rents are 55% below market. Great opportunit for an investor looking for a well located, value-add
property that is in a high rental area in the west valley ( bordering West Hills and Chatsworth).
First time on the market in 29 years. The list price is below replacement cost at only $226.44 per SF and $215,000 per unit. Lowest priced apartment complex in the area. Rents have not been raised in four years. Opportunity to raise rents projecteded at 7.8% February 2024 which will be a 5% cap rate in a few months.!!
Location
State CA
County Los Angeles
Area Cp - Canoga Park
Zoning LAR3
Interior
Interior Features Ceramic Counters, Storage
Heating Natural Gas
Cooling Wall/Window Unit(s)
Flooring Carpet, Tile, Wood
Fireplace No
Appliance Dishwasher, Free-Standing Range, Gas Cooktop
Laundry Common Area
Exterior
Parking Features Attached Carport, On Site
Carport Spaces 14
Fence Wrought Iron
Pool None
Community Features Suburban, Gated
Utilities Available Electricity Available, Natural Gas Available, Sewer Connected, Water Available
Roof Type Composition,Flat
Total Parking Spaces 14
Private Pool No
Building
Lot Description Gentle Sloping, Sprinklers Timer
Story 2
Entry Level Two
Foundation Slab
Sewer Public Sewer
Water Public
Architectural Style Traditional
Level or Stories Two
New Construction No
Construction Status Turnkey
Others
Senior Community No
Tax ID 2779042031
Security Features Gated Community,Security Lights
Acceptable Financing Cash, Cash to Existing Loan, Cash to New Loan
Listing Terms Cash, Cash to Existing Loan, Cash to New Loan
Financing Cash to New Loan
Special Listing Condition Standard
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Bought with NONE NONE • None MRML
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