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6902 Milwood Avenue
Canoga Park, CA 91303
Sold
6902 Milwood Avenue
Canoga Park, CA 91303
Sold
We are pleased to present this eight unit multifamily property at 6902 Milwood Avenue, Canoga Park, CA. This rent controlled property was built in 1964 and sits on a 0.15 acre corner lot, and is on a quiet street that's directly adjacent to the Los Angeles River. The 5,438 building square feet is divided into eight units with a mix of (1) Studio, (6) 1 bed / 1 bath units, and (1) 2 bed / 1 bath unit.This is a great value-add opportunity with approximately 45% upside potential in rents. Some of that upside potential can be quickly realized with the upcoming rent increases that are allowed on LA Rent Controlled buildings in February 2024. Also, the city recently approved about $25,000 of capital improvements that can be billed back to the tenants over the next 5 years, adding some extra income for the owner.The property has received recent upgrades including the soft story earthquake retrofitting, which was completing in 2021, a new roof installed in 2017, replacement of the asphalt in the last two years, a brand new paint job, and almost all windows at the property have been replaced with dual glazed windows. Also, the property offers its tenants a communal laundry room and ample onsite parking. The property is located near Uptown Warner Center, a proposed mixed-use development that spans over 47 acres and is worth $3.4 billion. Once completed, it will be the largest master-planned community in Los Angeles. Warner Center is known for its high-end demographics with an average household income ranging from $106,089 to $269,230 within a one-mile radius. Additionally, it has a dense population, high barriers to entry, and strong market fundamentals, making it a market that is favored by investors and owner-users alike. The area shows potential for significant growth.
PROPERTY INFORMATION
| MLS # | 23326577 | Lot Size | 6,601 Sq. Ft. |
| HOA Fees | $0/Monthly | Property Type | N/A |
| Price | $ 1,525,000
Price Per SqFt: $ 280 |
DOM | 545 Days |
| Address | 6902 Milwood Avenue | Type | Residential Income |
| City | Canoga Park | Sq.Ft. | 5,438 Sq. Ft. |
| Postal Code | 91303 | Garage | N/A |
| County | Los Angeles | Year Built | 1964 |
| Bed / Bath | 8 / 0 | Parking | 8 |
| Built In | 1964 | Status | Closed |
| Sold Date | 2024-04-11 |
INTERIOR FEATURES
| Has Appliances | Yes |
EXTERIOR FEATURES
WALKSCORE
Walk Score: 75 (Very Walkable)
Transit Score: 56 (Good Transit)MAP
MORTGAGE CALCULATOR
- Principal & Interest:
- Property Tax: $1,627
- Home Insurance:$119
- HOA Fees:$0
- Mortgage Insurance:
PRICE HISTORY
| Date | Event | Price |
| 10/30/2023 | Listed | $1,595,000 |
Topfind Realty
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(844)-333-8033
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Listing provided courtesy of Filip Niculete, Marcus & Millichap. Based on information from California Regional Multiple Listing Service, Inc. as of #Date#. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
