Stats

• Sold Price $4,595,000
• Price per Unit $176,731
• Price per Sqft $213
• GRM 9.07
• Cap Rate 5.70%
• Number of Buildings 1
• Number of Units 26
• Gross Building Area 21,589 SF
• Lot Size 21,003 SF
• Floors 3
• Year Built 1965
• Parking 25 to 27 spaces
• Zoning LAR3-1

About the Property

The Kanner Group is pleased to present 8720 Orion Avenue, a 3-story, 26-unit value-add multi-family investment opportunity. The property is located in the North Hills submarket of Los Angeles, just 0.1 miles north of Parthenia St and 0.3 miles west of Sepulveda Blvd.

Built in 1965, the building is comprised of 22 (2+1), 2 (1+1), 1 (2+1) and 1 (2+1.5) units that average approximately 830 gross square feet. The 21,589 square foot structure is situated on a 21,003 square foot, LAR3-1 zoned lot and contains 25-27 parking spaces on-site. The property is separately metered for gas & electric and contains an on-site laundry room. Select electrical in-unit subpanels have been upgraded since the building’s original construction, with the newer panels expected to have a remaining useful life of 30–50+ years. Interior wiring appears to utilize modern plastic-coated materials where visible, and GFCI outlets have been installed in key areas such as kitchens, restrooms, and exterior locations. The Soft-Story Retrofit work has been completed.

The property’s prime North Hills location at 8720 Orion Ave, near the intersection of Nordhoff St and Sepulveda Blvd, offers residents convenient access to a variety of shopping, dining, entertainment, and recreational amenities throughout North Hills, Northridge, Van Nuys, Sherman Oaks, and the greater San Fernando Valley. It is also located near major local attractions such as California State University, Northridge (CSUN) (3.6 miles), the Sepulveda Basin Recreation Area (3.7 miles), Lake Balboa Park (4.5 miles), and The Japanese Garden (5.3 miles). Ideally situated for commuters, the property is 0.1 mile east of the 405 Freeway, 2.8 miles north of the 118 Freeway, and 3.4 miles west of the 5 Freeway, offering excellent access to key transportation routes across Los Angeles.

8720 Orion Avenue is well-positioned for a skilled value-add investor to implement a high-end unit/common area renovation program optimizing market rents, appreciation, and future returns.