Executive Summary

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The Neema Group of Marcus and Millichap is proud to present 8434 Willis St, a 72-unit apartment investment opportunity located in Panorama City on a 65,410 SF lot. Located two blocks from the Panorama Mall, this is a value add opportunity with over 39% rental upside achievable as units turn. The building is separately metered for gas and electric. Additionally, a community laundry room and 72 parking spaces are available to tenants. All of the units have a private balcony.

Nestled in the heart of the San Fernando Valley, Panorama City is densely populated and has a diverse community full of economic opportunity and growth. This evolving neighborhood offers shopping, restaurants, theme parks, and benefits from the employment of the movie industry. Located less than 20 miles away from LA’s Westside, Hollywood, Downtown LA, and other popular neighborhoods in the Valley, residents living in Panorama City can easily commute throughout the city.

Cutting through the middle of the neighborhood is the 405 freeway (San Diego Freeway), but the community is also near the 118 (Ronald Regan Freeway), 170 (Hollywood Freeway), and the I-5 (Golden State Freeway). Residents living in this neighborhood can also skip the busy commute to LAX, and instead, take advantage of the Van Nuys Airport. The subject property being sold by way of Receivership. The sale will be subject to a court confirmation overbid hearing. Please contact the agents for additional details.

Area Overview

Panorama City is one of the youngest communities in the San Fernando Valley and one of the best-known planned communities in Los Angeles County. In an area originally part of one of the largest dairy and sheep ranches in Southern California, Panorama City was developed in the late 1940s by developer Fritz Burns and Associates for Kaiser Homes, Inc. (owned by industrialist Henry J. Kaiser). Panorama City’s master plan, by architectural firm Wurdeman and Becket, called for over 4,000 houses, setting aside thirty-one acres for commercial development and twenty-five acres for parking. The houses combined thoughtful modern designs (mostly in the Ranch and Minimal Traditional styles) with technological innovations perfected during World War II, all for under $10,000.

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