14218 Sylvan Street

Description

Situated near the intersection of Van Nuys Boulevard and Victory Boulevard, the property is just three blocks from the upcoming East San Fernando Valley Light Rail development that is slated to open in 2030. This new transit project will connect the Metro Orange Line, which runs just four blocks south of the property, with the cities of Sylmar and San Fernando, while the 14 proposed stations along the line will also connect with Amtrak, Metrolink, and Antelope Valley rail lines. Many expect the project to significantly boost local property values as new retailers enter the area and as local residents enjoy more diverse and convenient commuting options. Constructed in 1964, the building spans 8,957 gross square feet, housing nine spacious apartments. Current rents sit approximately 40% below local market rates, allowing a new owner to add significant value by recapturing this rent upside. An investor can also benefit from the on-site parking and laundry facilities, each of which provide an additional revenue stream. The plumbing has been upgraded with copper pipes, while the owner installed two new water heaters in 2022. Most of the apartments have been remodeled with new wood flooring, new stone countertops, new stainless steel appliances, and upgraded bathrooms, while select units also feature mini-split HVAC units, recessed lighting, or decorative tile backsplashes. The city of Van Nuys and the Northeast San Fernando Valley posted a vacancy rate of less than three percent in the second quarter of 2023. Aside from the dense New York City boroughs, this vacancy rate sits among to lowest in the entire country among submarkets that contain at least 60,000 units. With relatively few new residential projects slated for the next two years, it is expected that these strong occupancy rates will remain, to the benefit of local landlords.