6860 Woodley Avenue

Description

We are pleased to present 6860 Woodley Avenue, a seven-unit multifamily property in the Lake Balboa neighborhood of Van Nuys. Built in 1988, the two-story building encompasses 7,830 square feet of rentable space on a 6,999-square-foot lot zoned [Q]R3-1. All seven units are two-bedroom/two-bathroom flats, averaging 1,119 square feet, offering a clean and uniform product type. The property is situated on a quiet residential stretch of Woodley Avenue, approximately one mile south of Van Nuys Airport and within walking distance of Lake Balboa Park.The building's consistent unit mix makes it operationally straightforward, with individually metered gas and electric, no on-site manager requirement, and no pool or common laundry to maintain. As a post-1978 property, 6860 Woodley is exempt from the City of Los Angeles Rent Stabilization Ordinance, subject only to the statewide AB 1482 Tenant Protection Act. This regulatory status gives owners greater flexibility to adjust rents to market levels. Current rents range from $2,067 to $2,150 per month, well below the achievable market range of $2,400 to $2,600 per month for comparable two-bedroom units on the Woodley Avenue corridor.Lake Balboa offers stable renter demand driven by relative affordability compared to more central Valley submarkets. The subject's 18.5% rent upside from current to pro forma income presents a clear value-add opportunity for buyers seeking immediate cash flow improvement without capital renovation. The all-2BR/2BA format attracts a reliable tenant base of working professionals and families, and the 1,119-square-foot unit size is larger than most competing inventory on the corridor. At 100% occupancy with month-to month leases on six of seven units, a new owner can begin implementing rent adjustments immediately upon closing.