8740 Topanga Canyon Boulevard, Canoga Park, CA 91304
Property
Sold January 2024
Listing Agent: Katherine Bergh (DRE #00801526) · Listing Office: Katherine Bergh · Contact: 818-212-2747 · Bought with: NONE NONE · None MRML · MLS #SR23146343 · Source: CRMLS
About this property
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.!!
Listing description from the January 2024 sale, as reported to CRMLS.
Sale history