16153-16157 Vanowen St
Van Nuys, CA 91406
Lake Balboa | Renovated Property | 18 Units · Build-to-Rent Property For Sale · 18 Units

Marcus & Millichap is pleased to announce the sale of The Lexington, an 18-unit multifamily property in the LAKE BALBOA neighborhood of Van Nuys that has been substantially upgraded in recent years. Situated on a corner lot with excellent visibility, the two buildings occupy an 18,708 square foot lot zoned LAR-3. Much of the building exterior and common area has been heavily updated, with improvements ranging from new exterior paint and a renovated roof to full copper plumbing and LED lighting. The property features new stucco, a new driveway gate, double-paned windows, remodeled laundry rooms, and a new security panel. Numerous energy efficient upgrades were installed, including low flow water fixtures, a variable-speed pool pump, LED exterior lighting, and a timed drip irrigation system, which should benefit the owner and tenants alike. Every unit has been remodeled with new doors, new kitchen fixtures, and new toilets/showerheads, while select units also include new AC systems, new flooring, new bathroom vanities, new bathtubs, new recessed lighting, new ceiling fans, and/or new kitchen disposals. Current rents are still approximately 36% below market levels, which may allow a new owner to continue to benefit from these in-place upgrades as they increase their income.