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15931 Victory Blvd, Van Nuys, CA 91406
$1,825,000
15931 Victory Blvd, Van Nuys, CA 91406View this property at 15931 Victory Blvd, Van Nuys, CA 91406
15931 Victory BlvdVan NuysCA91406
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Property Description
Introducing an exceptional investment opportunity located at 15931-35 Victory Blvd, Van Nuys.Built in 1952, the property consists of five (5) units, four (4) one-bedroom + one-bathroom units and one (1) two-bedroom + one-bathroom unit. The buildings are 3,412 gross square feet and sit on a 17,713 square foot lot.The subject property is located in The Lake Balboa area of the San Fernando Valley offering a prime location that attracts residents and visitors alike. Convenient Transportation Access served by several bus routes and is in proximity to the Balboa Station on the Metro Orange Line, located near major freeways, including the 101 and 405, providing easy access to other parts of Los Angeles and neighboring communities.The property represents a unique value-add opportunity for investors due to the property's location, unit mix and rental upside. The property offers an initial CAP rate of 2% with the ability to improve to a 5% CAP rate once units turnover.This property presents a multitude of potential avenues for revenue generation and development. ADU (Accessory Dwelling Unit) potential, and development possibilities, make it an attractive prospect for savvy investors and developers.Rental Upside:With a rental upside of over 40%, the property presents an exceptional opportunity to maximize returns through the rehabilitation of existing units and subsequent rent increases. Take advantage of the flourishing rental market and optimize returns on this investment through strategic leasing and property management.ADU Potential:In addition to the existing structures on the property, there is potential for the construction of ADUs. ADUs have gained popularity as a means of maximizing property value and generating additional rental income.Development Potential:Beyond the immediate rental and ADU opportunities, this property also holds tremendous development potential. The large lot size and zoning regulations allow for the possibility of constructing a 17+ ADUs unit redevelopment project. Capitalize on the burgeoning real estate market in Van Nuys and explore the potential for creating a modern multi-unit complex or mixed-use development, catering to the needs of the community and maximizing returns.In summary, 15931 Victory Blvd offers an enticing marketing opportunity with its rental upside, ADU potential, and development possibilities. This property presents investors and developers with a chance to capitalize on the thriving Van Nuys real estate market and unlock its full potential. Don't miss out on this unique chance to secure a sound investment with endless possibilities. Disclaimer: Any potential development plans or modifications are subject to applicable regulations, permits, and approvals from the relevant authorities. It is advised to conduct proper due diligence and consult with appropriate professionals before making any investment or development decisions.Investment HighlightsMultifamily Property Built in 1952, the property consists of four (4) one-bedroom + one-bathroom units and one (1) two-bedroom + one-bathroom unit. The buildings are 3,412 gross square feet and sits on a 17,713 square foot lot. Rental upside potential of 40%, there is room to increase rental income by optimizing the current rental rates. This can be achieved through strategic leasing, property improvements, and market-aligned rental adjustments.ADU Potential: The property offers the opportunity to explore the construction of Accessory Dwelling Units (ADUs). Adding ADUs can significantly enhance the property's income potential.Development Potential: In addition to the existing 5 units, the property presents development potential. By leveraging the property's zoning and local regulations, it may be possible to expand or redevelop the property to accommodate more units or explore mixed-use development options.Potential Capitalization Rate (CAP): 6%+ with market rents of the existing five units more adding ADUs
Full Property Details
Full Property Details for 15931 Victory Blvd
General
- Sold For: $1,825,000
- HOA FEE: $4,800
- Status: Closed
- Type: Multi-Family
- MLS ID: 23-276995
- Added to Site: 359 day(s) ago
Interior
- Cooking Appliances: None
- Flooring: Other
Rooms
Bathrooms
- Total Bathrooms: 5
- Bathroom Features: Shower Over Tub
Bedrooms
- Total Bedrooms: 6
Other Rooms
- Laundry: None
Additional Information
- Security/Safety: None
- Other Features: None
Exterior
- Deck/Patio: None
Parking
- Garage: Yes
- Garage Spaces: 1
- Garage Description: Attached, Carport Attached
Location
- Area: Lake Balboa
- County: Los Angeles
- Cross Streets: Victory between Woodley and West of the 405
- Driving Directions: West on Victory from the 405 on the north side of Victory. East of Woodley
- Direction Faces: South
School Information
- School District: Los Angeles Unified
Heating & Cooling
- Cooling Type: None
- Heating Type: Wall
Utilities
- Sewer: In Street
- Water: District, In Street
- TV Service: Cable TV
- Trash: 4800
- # Water Meters: 5
- # Gas Meters: 4
- # Electric Meters: 4
Structural Information
- # Buildings: 3
- Architectural Style: Garden Home
- Exterior Const.: Combination
- Basement Desc.: Slab, Raised
- Foundation: Slab, Raised
- Roof: Asphalt
- Common Walls: Detached/No Common Walls
- Disability Access: None
- Entry Floor Number: 1
- Entry Location: Living Room
- Stories/Levels: 1
- Square Feet: 3,412
- Sq. Ft. Source: Assessor
- Year Built: 1952
- Year Built Source: Assessor
- Property Condition: Value Mainly In Land, Fixer
Unit Information
- Units in Complex: 5
- Unit Type: 2106, 2107, 2108, 2109, 2110
- Units w/Carpet: 3
Unit 1
- Total Bathrooms: 1
- Bedrooms: 2
Unit 2
- Total Bathrooms: 1
- Bedrooms: 1
Unit 3
- Total Bathrooms: 1
- Bedrooms: 1
Unit 4
- Total Bathrooms: 1
- Bedrooms: 1
Unit 5
- Total Bathrooms: 1
- Bedrooms: 1
Additional Structures
- Other Structures: None
Lot Features
- Lot Size (Acres): 0.4066
- Lot Size: 17713
- Lot Size Source: Assessor
- Lot Dimensions: 75 x 235
- Irrigation System: None
- Lot Features: Park Nearby
- Zoning: LARD1.5
- Lot Description: Back Yard, Front Yard, Level/Flat Lot, Redevelopment Area, Single Lot, Value In Land
Financial Considerations
- Price Per Sq. Ft.: $490.91
- Price Per Unit: 335
- Maint. Fee: $4,800
- Insurance Fee: $2,250
- Assessment Year: 1952
- Owner Pays: Gardener, Water, Electricity
- Tenant Pays: Electricity, Cable TV, Gas
- Pays Electric: 200
- Pays Trash: 4800
Disclosures and Reports
- Disclosures/Reports: As Is
- APN: 2233-014-007
Listed and Sold by Pinnacle Estate Properties, Paul Herman
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Schools
Schools serving 15931 Victory Blvd
School District:Los Angeles Unified School District
Rating | Name | Grades | Distance |
---|---|---|---|
15756 Bassett St, Van Nuys, CA 91406 | K-5 | 0.6 mi | |
17120 Vanowen St, Van Nuys, CA 91406 | 6-8 | 1.5 mi |
Disclaimer: School ratings provided by
GreatSchools. Ratings are on a scale of 1-10.
Learn more about GreatSchools ratings.
School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 15931 Victory Blvd
Date
Details
Price
Change
Source
9/08/2023
Sold
$1,825,000
8.96%
MLS
6/02/2023
Listed
$1,675,000
—
MLS
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
15931 Victory Blvd, Van Nuys, CA 91406 (MLS# 23-276995) is a Multi-Family property that was sold at $1,825,000 on September 08, 2023. Want to learn more about 15931 Victory Blvd? Do you have questions about finding other Multi-Family real estate for sale in Lake Balboa? You can browse all Lake Balboa real estate or contact a Coldwell Banker agent to request more information.