7961 Willis Avenue, Panorama City
Panorama City Home For Sale
The two story apartment consists of four 2 bedroom/ 2 bathroom units, three 2 bedroom/ 1 bathroom units, and the remainder of twelve 1 bedroom/ 1 bathroom units. Some of the units include balconies. The roof has been newly updated and the soft story retrofit work has been completed. Additionally there are 19 parking spots. The building size is 15,621 square feet that is built on a 18,221 square foot lot. The zoning is LAR3 Tier 3 TOC. The investment opportunity is located in the vibrant and up and coming neighborhood of Panorama City. Located within blocks of the existing Panorama Mall, the future site of a planned 4.5 million square foot mixed use development site. Included in the proposal are 70,000 square feet of restaurant space, 125,000 square feet of retail space, 146,000 square feet of open space,and 90,000 square feet of entertainment space. 7961 Willis Avenue is a 0.7 mile 14 minute walk from the Metrolink Ventura County Line at the Van Nuys Metrolink Station stop.A noteworthy development project currently in the San Fernando Valley, the light rail line will connect the Metrolink Train Line inVan Nuys , the Metro Orange Line, the Metrolink Train Line in Van Nuys, and the Metrolink Train Line in Sylmar/San Fernando.The majority of the new transit line will run along the median of Van Nuys Boulevard, with a station planned within blocks of the subject property. With current rents approximately 60% below market rates, a savy investor can capitalize on this rent upside to create increasing cash flow even before the neighborhood improves with the pending development projects. An additional revenue stream is provided by the on-site laundry facilities.
Property Details
Additional Information
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- City:
- Panorama City
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- County:
- Los Angeles
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- Zip:
- 91402
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- MLS® #:
- 24388019
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- Bedrooms:
- 5
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- Bathrooms:
- 4
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- Square Ft:
- 15,621
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- Lot Size:
- 0.42
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- Levels:
- One
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- HOA Dues:
- $
Price Change History for 7961 Willis Avenue, Panorama City, (MLS® #24388019)
| Date | Details | Price | Change |
|---|---|---|---|
| Active Under Contract | – | – | |
| Active | – | – | |
| Active Under Contract (from Active) | – | – |
Based on information from California Regional Multiple Listing Service, Inc. as of August 7th, 2024 at 5:55pm PDT. 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.