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8740 Topanga Canyon BLVD Canoga Park, CA 91304
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Key Details
Sold Price $2,950,000
Property Type Condo
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
Square Footage 14,242 sqft
Price per Sqft $207
MLS Listing ID SR23146343
Sold Date 01/25/24
Style Traditional
Construction Status Turnkey
HOA Y/N No
Year Built 1962
Lot Size 0.349 Acres
Acres 0.3491
Property Sub-Type Apartment
Property Description
Topanga Villa is a well located 15 unit garden-style building with a central courtyard. The building has a great unit mix featuring a majority of two bedroom/two bath units. Units are very large and average over 970 SF. The building is consistently 100% occupied.
This building has tremendous rental upside. Existing rents are 55% below market. Great opportunit for an investor looking for a well located, value-add
property that is in a high rental area in the west valley ( bordering West Hills and Chatsworth).
First time on the market in 29 years. The list price is below replacement cost at only $226.44 per SF and $215,000 per unit. Lowest priced apartment complex in the area. Rents have not been raised in four years. Opportunity to raise rents projecteded at 7.8% February 2024 which will be a 5% cap rate in a few months.!!
Location
State CA
County Los Angeles
Area Cp - Canoga Park
Zoning LAR3
Rooms
Other Rooms Kitchen, Living Room
Interior
Interior Features Ceramic Counters, Storage
Heating Natural Gas
Cooling Wall/Window Unit(s)
Flooring Carpet, Tile, Wood
Appliance Dishwasher, Free-Standing Range, Gas Cooktop
Laundry Common Area
Exterior
Parking Features Attached Carport, On Site
Fence Wrought Iron
Pool None
Community Features Suburban
Utilities Available Electricity Available, Natural Gas Available, Sewer Connected, Water Available
Roof Type Composition,Flat
Private Pool No
Building
Lot Description Gentle Sloping, Sprinklers Timer
Story 2
Foundation Slab
Sewer Public Sewer
Water Public
Architectural Style Traditional
Level or Stories Two
New Construction No
Construction Status Turnkey
Others
Senior Community No
Security Features Gated Community,Security Lights
Acceptable Financing Assumable, Conventional
Listing Terms Assumable, Conventional
Financing Assumable,Conventional
Special Listing Condition Standard
Lease Land No
Confidential INFO
BAC 2.0
TERMS Cash,Cash To Existing Loan,Cash To New Loan
LIST AGRMT Exclusive Right To Sell
LIST SERVICE Full Service
SHOW CONTACT TYPE Agent
SHOW CONTACT NAME Katherine Bergh
SHOW CONTACT PH 8182122747
SHOW INSTRUCTIONS Please only drive by. It is a security building and a tour of units will be available with accepted offer. Please no unauthorized visits to the property.
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Bought with None MRML