The Neema Group of Marcus & Millichap is pleased to present 14949 Roscoe Boulevard, in Panorama City, CA. Built in 1979 and not subject to the Los Angeles Rent Stabilization Ordinance, the property is located on a large 21,154 SF lot in the heart of the Valley in a neighborhood with consistent population growth and rising rental submarket. The two-story building currently features 25 units but will be delivered 100% vacant with approved plans and permits for 17-unit conversions, six additional ADU’s and restriped parking.
This offering presents an investor the opportunity to reposition the building immediately upon the close of escrow. After renovations and conversions, the unit mix will consist of 12 one-bedrooms, 12 two-bedrooms, one three-bedroom, four single ADU’s and two one-bedroom ADU’s. The ADU’s will be constructed from current parking garages at the rear of the building into spacious units with singles ranging from
581-588 SF and one-bedrooms between 478-505 SF. The new configuration of parking will include 42 total parking spaces with 26 standard spaces and 16 compact tandem spaces as well as bicycle parking. Factoring in renovation costs, an investor will have the opportunity to capture market rents for a projected 6.34% CAP rate once the building is stabilized. The property currently has community on-site laundry and is already separately metered for gas and electric.
This Panorama City neighborhood continues to grow at a rapid pace and has consistent rent growth year-over-year. The subject property sits in an ideal location with many transportation options and easy access to the 405 & 5 Freeways, giving renters an easy commute to many areas throughout Los Angeles. 14949 Roscoe Blvd is within walking distance to the Mission Community Hospital, Vista Middle School and Noble Avenue Elementary School as well as many notable retailers on Roscoe Blvd & Van Nuys Blvd such as Walmart.