PRICE ADJUSTMENT TO $1,695,000! Unique opportunity to own 6 units with potential residential financing in Lake Balboa in Van Nuys west of the 405. This property has four units (two 2BR/1BA and two 1BR/1BA units) plus a newly completed 2BR/1BA ADU and Studio Junior ADU. ADU's are all new construction and include central air, washer/dryer, and stainless appliances. Original fourplex has potential for 50% increase in income at market rates. 2BRs in the fourplex have an extra bonus room, which could be converted to a 3rd bedroom for additional income. In a prime location, this property is close to the Woodley Lakes Golf Course, Van Nuys Golf Course, Sepulveda Basin, The Japanese Garden, and Balboa Lake. Easy access to the 405 and 101 freeway. Current GRM is 16.81 with a cap of 4.74% with an unheard of full market GRM of 10.99 and 7.2% cap. Because the property is still listed as a four-plex, buyers should check with lenders and potentially be able to get 1-4 unit residential financing. This is a unique opportunity to own 6 units at residential financing rate and terms, with long term potential at market rates. Priced at $282,500/unit, this will sell quickly, so bring your offers!
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