CA > Tarzana
Tarzana, CA 91335,6225 Reseda Blvd
Tarzana, CA 91335,6225 Reseda Blvd
Tarzana, CA 91335,6225 Reseda Blvd
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Melissa Seanez

Melissa Seanez

+1(626) 723-6030
$6,700,000
Est. payment /mo
52 Beds
44 Baths
25,718 SqFt
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UPDATED:

06/18/2024 07:01 AM

Key Details

Property Type Multi-Family

Sub Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 25,718 sqft

Price per Sqft $260

MLS Listing ID 24-402503

Bedrooms 52

Year Built 1962

Lot Size 0.744 Acres

Acres 0.744

Property Description

Constructed in 1962, the two-story building features an attractive unit mix containing mostly two-bedroom units. Current rents sit well below local market rates, allowing a new owner the potential to capitalize on approximately 54% in rent upside. Properties in the Tarzana submarket rarely become available, as only seven such buildings have sold within the past three years, according to CoStar COMPS. Given the recent and continuing development boom in neighboring Warner Center and Woodland Hills, this asset would allow an investor to take advantage of those new and upcoming amenities, albeit at a lower price point. Over the past three years, the average sales price per unit in Woodland Hills has been over $430,000 per unit, whereas Tarzana sales have averaged only $259,207 per unit. CAP Rates in Tarzana have also been approximately 51 basis points higher than in Woodland Hills, allowing Tarzana owners to earn greater returns on their investments despite the immediate proximity of the two neighboring cities. Situated near the intersection of Oxnard Street and Reseda Boulevard, the property allows residents convenient access to the new Topanga Village shopping center as well as the recently opened Topanga Social premium food hall. Adjacent to the upcoming Los Angeles Rams practice facility at 21555 Oxnard Street, team owner Stan Kroenke holds land entitled for a potential 35-acre mixed-use development. Proposals for the site show 280,000 square feet of restaurant and retail offerings, hotels, offices, and residential units. The $1 billion project would provide a significant amenities boost to the already thriving neighborhood, all of which benefits investors in the immediate area.

Location

State CA

County Los Angeles

Area Tarzana

Zoning LAR3

Rooms

Other Rooms Other

Interior

Heating Other

Cooling Other

Equipment Other

Exterior

Parking Features Assigned

Garage Spaces 30.0

Building

Story 2

Level or Stories Two

Others

Special Listing Condition Standard

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Listed by Marcus & Millichap

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Melissa Seanez

+1(626) 723-6030

Agent | License ID: 02137015

Agent License ID: 02137015

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