Lucrum of KW Commercial is proud to announce the sale of Erwin Garden Apartments . This investment opportunity is located at 14244 Erwin Street in Van Nuys.
The Erwin Garden Apartments is a multifamily community totaling 6 garden-style units comprised of two 2-bedroom + 2-bathroom apartments with a balcony or patio and four 1-bedroom+1-bathroom apartments in one six-unit apartment building. The building was completed in December of 1978, which makes it not-subject to LA City rent control. Under AB 1482, the rents can be increased by 5%+local CPI. The building provides ample parking for the tenants and has a laundry room at the rear of the structure. The structure is a wood frame painted stucco exterior with brick accent. Roofing is a flat roof with a Spanish tile slight pitch.
The total building square feet is +/- 4,480 on a large +/- 7,500 square foot lot zoned LARD1.5.
The Erwin Garden Apartments has been under the same ownership since 2003 with many long term tenants who have been consistently current on rent payments. Given the long term ownership from the previous landlord, the building offers the new owner opportunities to add significant value to the property including soft-story retrofitting. The common area amenities include a laundry room, plenty of on-site parking and an attractive front yard.
14244 Erwin St. is located in Van Nuys, CA south of Victory Blvd., north of the 101 Fwy and east of Van Nuys Blvd. Nearby destinations include Iceland Ice Skating Center, restaurants, and a church. The building is close to the Van Nuys Courthouse, Police Department & Los Angeles Superior Court.
Low vacancy rates in Van Nuys coupled with continued low interest rates have led to multifamily investment properties becoming a highly attractive asset class. With many units at below market rents amidst a thriving rental market, 14244 Erwin St. offers astute investors significant rental upside potential of roughly 60%!
Once you schedule a call, you’ll have taken the first step to getting the representation you deserve.
