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.
Property Details
Price:
$6,700,000
MLS #:
24402503
Status:
Active
Baths:
0
Address:
6225 Reseda Boulevard
Type:
Residential Income
Neighborhood:
tartarzana
City:
Tarzana
Listed Date:
Jun 10, 2024
State:
CA
ZIP:
91335
Lot Size:
32,400 sqft / 0.74 acres (approx)
Year Built:
1962
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Schools
Interior
Exterior
Parking Features
Assigned
Parking Spots
30.00
Stories Total
2
Financial
Map
Community
- Address6225 Reseda Boulevard Tarzana CA
- AreaTAR – Tarzana
- CityTarzana
- CountyLos Angeles
- Zip Code91335
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Courtesy of Marcus & Millichap. Disclaimer: All data relating to real estate for sale on this page comes from the Broker Reciprocity (BR) of the California Regional Multiple Listing Service. Detailed information about real estate listings held by brokerage firms other than include the name of the listing broker. Neither the listing company nor shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The Broker providing this data believes it to be correct, but advises interested parties to confirm any item before relying on it in a purchase decision. Copyright 2024. California Regional Multiple Listing Service. All rights reserved.
6225 Reseda Boulevard
Tarzana, CA
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