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Multifamily Property At 7961 Willis Avenue Sold For $3.15M With Meir Frydman As The Broker

Property Image
SOLD
$3,150,000

California

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MultiFamily15,621 SF
Sold 08/30/2024
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Property Image
SOLD

Multifamily Property At 7961 Willis Avenue Sold For $3.15M With Meir Frydman As The Broker

7961 Willis Avenue

See Similar Deals
MultiFamily15,621 SF
Sold 08/30/2024
the dealplayerscompscontact
Contact now

Summary

CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$201
Total Square Footage:15,621 SF
Transaction Type:Sale

A 19-unit multifamily property located at 7961 Willis Avenue in Panorama City was sold for $3,150,000. The property spans 15,621 square feet on a 0.42-acre lot. The price per unit is $165,789, while the price per square foot is $202. The asset includes a mix of 1- and 2-bedroom units and presents significant rent upside opportunities due to current rates being 60% below market level. Additionally, it is situated near upcoming major development and transit projects.

Summary of transation details:

  • Property Type: Multifamily
  • Transaction Amount: $3,150,000
  • Units: 19
  • Square Footage: 15,621
  • Price Per Unit: $165,789
  • Price Per Square Foot: $202
  • Broker: Meir Frydman - KW Advisors

The transaction was managed by broker Meir Frydman representing KW Advisors, who facilitated the sale of this multifamily asset. The deal showcases the potential for increased rental income due to the significant discrepancy between current and market rental rates.

Players

Meir Frydman
Keller Williams Realty
Meir Frydman
1 deal$3.2M volume(818) 412-8235
BROKER

Details

SOLD
IMAGE: Meir Frydman DATE: 08/30/2024 ADDRESS: 7961 Willis Avenue MARKET: Panorama City ASSET TYPE: Multifamily ~ ACRES: 0.42 BROKER: Meir Frydman - KW Advisors SALE PRICE: $3,150,000 UNITS: 19 ~ PPU: $165,789 SF: 15,621 ~ PPSF: $202 NOTE: A 19-unit multifamily property at 7961 Willis Avenue in Panorama City sold for $3.15M, brokered by Meir Frydman of KW Advisors. The property, featuring a mix of 1- and 2-bedroom units, offers significant rent upside with current rates 60% below market, and is strategically located near upcoming major development and transit projects.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$168,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$11,191.28
Cash-on-Cash Return-1.27%
Monthly Debt Service$14,932.61
Annual Debt Service$179,191.28