8740 Topanga Canyon Boulevard, Canoga Park, CA 91304
- $2,950,000
List Agent Katherine Bergh () 818-212-2747 Katherine Bergh; CoList () Courtesy of Selling Office: None MRML, NONE NONE - Selling Agent DRE# and Courtesy of Listing Office Katherine Bergh, Katherine Bergh - Agent DRE#
- Sold Price
- $2,950,000
- List Price
- $3,225,000
- Closing Date
- Jan 25, 2024
- Status
- CLOSED
- MLS#
- SR23146343
- Year Built
- 1962
- Lot Size
- 15,207
- Lot Location
- Gentle Sloping, Sprinklers Timer
- Days on Market
- 80
- Property Type
- Multifamily
- Style
- Traditional
- Property Sub Type
- Apartment
- Stories
- Two Levels
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.!!
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Additional Information
- Appliances
- Dishwasher, Free-Standing Range, Gas Cooktop
- Pool Description
- None
- Heat
- Natural Gas
- Cooling
- Yes
- Cooling Description
- Wall/Window Unit(s)
- Exterior Construction
- Drywall
- Roof
- Composition, Flat
- Sewer
- Public Sewer
- Water
- Public
Mortgage Calculator
Based on information from CRISNet MLS as of . 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. The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.