$3,300,000
SOLD NOV 26, 2024

7910 Willis Ave Los Angeles, CA 91402

3 Beds
2 Baths
13,824 Sq Ft
0.84 Acres

Recently Sold

$239 Per Sq Ft

3% Below List Price

23 Days on Market

Highlights

  • 0.84 Acre Lot
  • Rectangular Lot
  • 1-Story Property
  • Landscaped

About This Home

As of November 2024

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.

Last Agent to Sell the Property

Warren Berzack

Warren Lee Berzack Brokerage Phone: 818-269-2979 License #01329015 Listed on: 08/07/2024

Warren Lee Berzack

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1953

Lot Details

  • 0.84 Acre Lot
  • Two or More Common Walls
  • Landscaped
  • Rectangular Lot
  • 2210021031, 2210021005

Home Design

  • Apartment
  • Entry on the 1st floor

Interior Spaces

  • 13,824 Sq Ft Home
  • 1-Story Property

Bedrooms and Bathrooms

  • 3 Bedrooms
  • 2 Bathrooms

Parking

  • 40 Open Parking Spaces
  • 40 Parking Spaces
  • Parking Available
  • Assigned Parking

Additional Features

  • Exterior Lighting
  • Urban Location

Listing and Financial Details

  • Tax Lot 29
  • Tax Tract Number 1532
  • Assessor Parcel Number 2210021032
  • $1,285 per year additional tax assessments

Community Details

Overview

  • 3 Buildings
  • 24 Units

Building Details

  • Rent Control
  • 25 Separate Electric Meters
  • 24 Separate Gas Meters
  • 1 Separate Water Meter
  • Electric Expense $4,000
  • Fuel Expense $1,000
  • Gardener Expense $2,660
  • Insurance Expense $12,000
  • Maintenance Expense $13,824
  • Other Expense $2,400
  • Pest Control $756
  • Professional Management Expense $14,853
  • Trash Expense $8,404
  • Water Sewer Expense $15,924
  • New Taxes Expense $40,740
  • Operating Expense $119,594
  • Gross Income $281,313
  • Net Operating Income $153,280

Property Details

Home Type

Multi-Family

Year Built

Built in 1953

Lot Details

0

Listing Details

  • CapRate: 4.51
  • Price Per Unit: 141458
  • Professional Management Expense: 14853.00
  • Property Attached: Yes
  • Water Sewer Expenses: 15924.00
  • Zoning: LAR3
  • Property Sub Type: Apartment
  • Property Type: Residential Income
  • Gardener Expense: 2660.00
  • Parcel Number: 2210021032
  • Year Built: 1953
  • AgentOnly_SellerConsiderConcessionYN: No
  • Special Features: None

Interior Features

  • Stories: 1
  • Entry Location: 1
  • Common Walls: 2+ Common Walls
  • Entry Level: 1
  • Levels: One
  • Price Per Square Foot: 238.72

Exterior Features

  • Pool Private: No

Garage/Parking

  • Parking: Yes
  • Parking Features: Assigned
  • Total Parking Spaces: 40.00
  • Uncovered Spaces: 40.00

Utilities

  • Laundry: No
  • Pest Control Expense: 756.00
  • Sewer: Public Sewer
  • Trash Expense: 8404.00
  • Water Source: Public

Condo/Co-op/Association

  • Senior Community: No
  • Common Interest: Community Apartment
  • Community Features: Curbs, Sidewalks, Storm Drains, Street Lights, Urban

Lot Info

  • Additional Parcels: No
  • Additional Parcels Description: 2210021031, 2210021005
  • Land Lease: No
  • Lot Features: Landscaped, Rectangular Lot
  • Lot Size Sq Ft: 36600.00
  • Lot Size Acres: 0.8402

Rental Info

  • Tenant Pays: None

Multi Family

  • Electric Expense: 4000.00
  • Fuel Expense: 1000.00
  • Gross Income: 281313.00
  • Gross Multiplier: 12.07
  • Gross Operating Income: 272874.00
  • Gross Scheduled Income: 2818313.00
  • Insurance Expense: 12000.00
  • Lot Size Area: 36600.0000 Square Feet
  • Maintenance Expense: 13824.00
  • Net Operating Income: 153280.00
  • Number Of Separate Electric Meters: 25
  • Number Of Separate Gas Meters: 24
  • Number Of Separate Water Meters: 1
  • Number Of Units Total: 24
  • Operating Expense: 119594.00
  • Other Expense: 2400.00
  • Other Expense Description: Misc
  • Rent Control: Yes
  • Total Expenses: 119594.00
  • Vacancy Allowance: 8439

Tax Info

  • New Taxes Expense: 40740.00
  • Tax Census Tract: 1200.30
  • Tax Lot: 29
  • Tax Tract Number: 1532
  • TaxOtherAnnualAssessmentAmount: 1285.00

Range of Values:

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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price Change Sq Ft Price
11/26/2024 11/26/24 Sold $3,300,000 -2.8% $239 / Sq Ft
08/30/2024 08/30/24 Pending -- -- --
08/07/2024 08/07/24 For Sale $3,395,000 -- $246 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Warren Berzack

    Seller's Agent in 2024

    Warren Berzack

    Warren Lee Berzack

    (818) 986-9800

    1 in this area

    20 Total Sales

    Warren Berzack
    Section Image
  • Adam Feldman

    Buyer Co-Listing Agent in 2024

    Adam Feldman

    Matthews Real Estate Investment Services

    (310) 749-8140

    1 in this area

    5 Total Sales

    Adam Feldman
    Section Image
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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: SR24163292

California Regional Multiple Listing Service (CRMLS)
California Los Angeles County Los Angeles 91402

7910 Willis Ave, Los Angeles, CA

This home is located at 7910 Willis Ave, Los Angeles, CA 91402 and is currently priced at $3,300,000, approximately $238 per square foot. This property was built in 1953. 7910 Willis Ave is a home located in Los Angeles County with nearby schools including Michelle Obama Elementary, Burton Street Elementary School, and Robert Fulton College Preparatory.

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

California Regional Multiple Listing Service (CRMLS) The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.

Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information

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