15143 ERWIN Street

An opportunity to acquire a twelve (12) unit apartment building (two 6 unit buildings each with their own APN) located in the dense rental submarket of Van Nuys. Resting on a double lot with approx. 13,499 +/- square feet, the Property features a highly desirable unit mix of two (2) 1 bed 1 bath units and ten (10) 2… bed and 1 bath units. The Property on-site parking and on-site coin operated laundry. This opportunity also offers an investor 22% +/- of rental upside, and potential to add ADU's to the property. Eight units have laminate flooring, and one unit (15143 # 6) has remodeled kitchen and bathroom. The one bedroom units' utilities are attached to the laundry room, so the landlord pays for all utilities for these 2 units. The property is currently zoned (Q)R3-1-RIO with a TOC Tier 3 incentive. This provides an investor with an opportunity to potentially redevelop the lot in the future. A developer can building 16 units by right, or 24 units with the TOC Tier 3 incentive. Buyer to independently verify. Read More