Panorama City, CA 91402,7900 Willis Avenue
Panorama City, CA 91402,7900 Willis Avenue
Panorama City, CA 91402,7900 Willis Avenue
$3,300,000
Est. payment /mo
$3,395,000
2.8%
Est.Price: ?

For more information regarding the value of a property, please contact us for a free consultation.

3 Beds
2 Baths
0.84 Acres Lot
SOLD DATE : 11/26/2024

Key Details

Sold Price $3,300,000

Property Type Multi-Family

Sub Type Res Income 2-4 Units

Listing Status Sold

Purchase Type For Sale

MLS Listing ID SR24163292

Sold Date 11/26/24

Bedrooms 3

HOA Y/N No

Lot Size 0.840 Acres

Property Description

These three adjacent properties on Willis Avenue in Panorama City have incredible potential. First, there is tremendous upside in rents with a projected 7.37 GRM and approximately a 10% cap rate based on market rents. Additionally, at $141,500 per unit, this is well below comparable sales given the sheer upside in rents. In addition, the property sits on 36,600 square feet of R3 zoned land with a Tier 3 TOC (70% bonus) allowing for up to 78 units to be developed.
These three adjacent properties on Willis Avenue in Panorama City have incredible potential. First, there is tremendous upside in rents with a projected 7.37 GRM and approximately a 10% cap rate based on market rents. Additionally, at $141,500 per unit, this is well below comparable sales given the sheer upside in rents. In addition, the property sits on 36,600 square feet of R3 zoned land with a Tier 3 TOC (70% bonus) allowing for up to 78 units to be developed.

Location

State CA

County Los Angeles

Area Panorama City (91402)

Zoning Assessor

Exterior

Parking Features Unit1:Assigned

Building

Lot Description Curbs, Sidewalks

Story 1

Level or Stories 1 Story

Others

Monthly Total Fees $107

Acceptable Financing Cash

Space Rent $935

Listing Terms Cash

Read Less Info

Want to know what your home might be worth? Contact us for a FREE valuation!

Submit

Our team is ready to help you sell your home for the highest possible price ASAP


San Diego Regional MLS (SDMLS)
Listed by Warren Berzack • Lee & Associates
Bought with San Diego

GET MORE INFORMATION

agent

Mary Ellen Haywood

+1(619) 994-5515

Broker Associate | CA DRE#01264878

Broker Associate CA DRE#01264878

Name

Phone*

Message

By registering you agree to our Terms of Service & Privacy Policy. Consent is not a condition of buying a property, goods, or services.