6709 Woodley Ave van Nuys, CA 91406

Constructed in 1986, the property allows higher annual increases than properties that are subject to Los Angeles rent control. Most of the units have upgraded interiors, including granite countertops and new flooring. With floorplans averaging approximately 1,050 square feet, it may be possible to increase rents above the current $1.72 per square foot rate in order to improve the overall cash flow. Each of the units contains its own washer/dryer hookups, walk-in closet, and water heater, while the building features central air/heat. With space for at least 24 vehicles, there is ample parking for each unit. There may be the potential to convert these units into condominiums, which would add flexibility to an investors exit strategy (Buyer to verify condo conversion feasibility). Lake Balboa is a highly diverse area west of the 405 Freeway, dominated by single family homes. The subject property is one of the few buildings on the west side of Woodley Avenue to feature driveway access from both the street and rear alley. The building is just three blocks from the Sepulveda Basin Recreation Area, which includes several golf courses, lakes, baseball fields, and the famous Japanese Garden.