6500 Shirley Ave
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6500 Shirley Ave
16 Unit Block of Flats £2,678,655 (£167,416/Unit) Reseda, CA 91335
Investment Highlights
- Twin 8 unit buildings on separately deeded lots
- Below market rents - HUGE UPSIDE
- Huge lot - 22,859 sq.ft.
- Long term owner - 1st time on the market in over 35 years
- Excellent unit mix - 8 - 1bd+1ba & 8 - 2bd+1ba units
- New electrical panels
Executive Summary
16 units in quiet Reseda neighborhood. Twin 8 - unit buildings that are
separately deeded. 6500 & 6510 Shirley Ave. Huge lot - 22,859 sq. ft. with beautiful courtyard. Excellent
unit mix - 8 - 1 bedroom + 1 bath and 8 - 2 bedroom + 1 bath units. The
buildings were built in 1958 and there is 11,754 sq. ft. of building. Long term
owner. The rents are significantly below market with over 50% upside in the
rents. Onsite laundry. Individually metered for gas and electricity. New electrical
panels. Because the buildings are on separately deeded parcels, an onsite
manager is not required although there is one. The CAP rate increases to 4.53%
without an onsite manager.
There is an excellent assumable loan with Chase. The current loan balance is
$1,077,393, 3.25% fixed until 02/2029. The current monthly payment is
$5,442.42. The property is centrally located in the San Fernando Valley with easy
freeway access. Close to California State University, Northridge, Pierce Junior
College, Warner Center and the Topanga Plaza Shopping Mall. **The property
can be purchased along with 19406 Gilmore Ave, 6 units located only 7 parcels
from the subject property
separately deeded. 6500 & 6510 Shirley Ave. Huge lot - 22,859 sq. ft. with beautiful courtyard. Excellent
unit mix - 8 - 1 bedroom + 1 bath and 8 - 2 bedroom + 1 bath units. The
buildings were built in 1958 and there is 11,754 sq. ft. of building. Long term
owner. The rents are significantly below market with over 50% upside in the
rents. Onsite laundry. Individually metered for gas and electricity. New electrical
panels. Because the buildings are on separately deeded parcels, an onsite
manager is not required although there is one. The CAP rate increases to 4.53%
without an onsite manager.
There is an excellent assumable loan with Chase. The current loan balance is
$1,077,393, 3.25% fixed until 02/2029. The current monthly payment is
$5,442.42. The property is centrally located in the San Fernando Valley with easy
freeway access. Close to California State University, Northridge, Pierce Junior
College, Warner Center and the Topanga Plaza Shopping Mall. **The property
can be purchased along with 19406 Gilmore Ave, 6 units located only 7 parcels
from the subject property
Financial Summary (Pro forma - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro forma - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | £2,678,655 | Building Class | C |
| Price Per Unit | £167,416 | Lot Size | 0.52 AC |
| Sale Type | Investment | Building Size | 11,754 SF |
| Gross Rent Multiplier | 12.6 | Average Occupancy | 100% |
| No. Units | 16 | Number of Floors | 2 |
| Property Type | Residential | Year Built | 1958 |
| Property Subtype | Apartment | Parking Ratio | 1.36/1,000 SF |
| Apartment Style | Low Rise |
| Price | £2,678,655 |
| Price Per Unit | £167,416 |
| Sale Type | Investment |
| Gross Rent Multiplier | 12.6 |
| No. Units | 16 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.52 AC |
| Building Size | 11,754 SF |
| Average Occupancy | 100% |
| Number of Floors | 2 |
| Year Built | 1958 |
| Parking Ratio | 1.36/1,000 SF |
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 1+1 | 8 | £1,101 | - |
| 2+1 | 8 | £1,245 | - |
1 of 1
Bike Score ®
Very Bikeable (75)
PROPERTY TAXES
| Parcel Numbers | Total Assessment | £1,243,691 | |
| Land Assessment | £562,619 | Annual Taxes | -£1 (£0.00/sf) |
| Improvements Assessment | £681,073 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
£562,619
Improvements Assessment
£681,073
Total Assessment
£1,243,691
Annual Taxes
-£1 (£0.00/sf)
Tax Year
2024
zoning
| Zoning Code | LAR3 |
| LAR3 |
-
Michael Salerno -
Lee & Associates
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6500 Shirley Ave
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