7550 Jordan Avenue

Description

Marcus & Millichap/Matthews Real Estate Investment Services is pleased to present the 7550 Jordan Avenue, a 26-unit value add apartment building located at Canoga Park, California. Built in 1985, the property is not subject to LA City Rent Control (subject to California Rent Control under AB 1482 which permits annual rent increases of ~5% + CPI). Current rents are approximately 12% below market providing a new investor the opportunity to renovate units and common areas in order to maximize rental income. The property features a favorable unit mix consisting of (10) one-bedroom/one-bathroom units and (16) two-bedroom/two-bathroom units. Units feature central heat and air-conditioning, patio or balcony, wood flooring, fireplace, gas range, microwave, refrigerator, marbleized quartz countertops (select units) and subway tile backsplashes and tubs (select units). Property amenities include secured access, covered garage parking, elevator, laundry facility and storage space. The 23,994 square foot building sits on a large 0.5 acre lot that is LAR3 zoned. 7550 Jordan Avenue is located in Canoga Park, long considered one of the strongest rental submarkets in the San Fernando Valley with historically low vacancy rates. The property boasts a Walk Score of 83 as it is walking distance to grocery stores, restaurants and retail on Topanga Canyon Boulevard and approximately 2 miles from the Westfield Topanga Mall and Warner Center. The property is conveniently located 1 mile from the Sherman Way Metro Orange Bus Line Station which provides a convenient connection to the North Hollywood Metro Red Line Station for easy rail access to Hollywood, Koreatown, Downtown LA and beyond. The property is also close to the 101 freeway for commuters heading to job centers such as Calabasas, Sherman Oaks, Encino, Burbank and Glendale.