Mike Chou
Responds Quickly
K.W. EXECUTIVE
(626) 653-4295
169 Total Sales
1 in Panorama City
$750,000 Price
7910 Willis Ave Los Angeles, CA 91402
Panorama City Area
3
Beds
2
Baths
13,824
Sq Ft
0.84
Acre Lot
Highlights
- 0.84 Acre Lot
- Rectangular Lot
- 1-minute walk to Andres & Maria Cardenas Recreation Center
- Landscaped
- 1-Story Property
About This Home
As of November 2024These 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 Lee Berzack Brokerage Phone: 818-269-2979 License #01329015 Listed on: 08/07/2024
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Property Details
Home Type
- Multi-Family
Year Built
- Built in 1953
Lot Details
- 36,600 Sq Ft 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
Home Values in the Area
Average Home Value in this Area
Agents Specializing in Los Angeles, CA
-
Mike Chou
-
Danny Umana
Danny Umana
Keller Williams World Media Center
(747) 204-0697
65 Total Sales
1 in Panorama City
$710,000 Price
-
Steve Julian
Steve Julian
Luxury Collective
(747) 293-4987
170 Total Sales
3 in Panorama City
$450K - $580K Price Range
-
Gabriela Martinez
Gabriela Martinez
Compass
(820) 200-1668
15 Total Sales
1 in Panorama City
$360,000 Price
-
Judy Christie De Silva
Judy Christie De Silva
Modern Nest Realty, Inc.
(805) 862-1537
2 Total Sales
1 in Panorama City
$725,000 Price
-
Jose Schnaider
Jose Schnaider
Equity Union
(747) 294-3353
37 Total Sales
1 in Panorama City
$690,000 Price
Purchase History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| Date | Buyer | Sale Price | Title Company |
|---|---|---|---|
| $3,300,000 | Ticor Title Company | ||
| Silliman Richard D | -- | None Available | |
| Silliman Richard D | $189,500 | Stewart | |
| Silliman Richard D | $125,500 | Stewart | |
| Silliman Richard D | -- | None Available | |
| Silliman Richard D | -- | None Available | |
| Little Kathryn E | -- | -- | |
| Silliman Richard D | $64,000 | None Available | |
| Silliman Richard D | -- | -- | |
| Wilson Barbara B | -- | -- |
Source: Public Records
Mortgage History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| Date | Status | Borrower | Loan Amount |
|---|---|---|---|
| Previous Owner | $2,512,500 |
Source: Public Records
Property History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 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
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2026 | $19,385 | $1,550,400 | $930,240 | $620,160 |
| 2025 | $19,385 | $1,520,000 | $912,000 | $608,000 |
| 2024 | $10,016 | $728,164 | $490,653 | $237,511 |
| 2023 | $9,843 | $713,887 | $481,033 | $232,854 |
| 2022 | $9,428 | $699,890 | $471,601 | $228,289 |
| 2021 | $9,300 | $686,167 | $462,354 | $223,813 |
| 2019 | $9,049 | $668,118 | $448,642 | $219,476 |
| 2018 | $8,838 | $655,064 | $439,846 | $215,218 |
| 2016 | $8,390 | $627,418 | $422,767 | $204,651 |
| 2015 | $4,094 | $266,974 | $123,393 | $143,581 |
| 2014 | $4,164 | $261,745 | $120,976 | $140,769 |
Source: Public Records
Agents Affiliated with this Home
-
Warren Berzack
Seller's Agent in 2024
Warren Berzack
Warren Lee Berzack
(818) 986-9800
20 Total Sales
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: SR24163292
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.
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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