9015 Owensmouth Avenue,Canoga Park, CA 91304
Canoga Park, CA 91304
Description
Approximately 40% Rental Upside to Market, translating into a 9.82% market cap rate. Significant Mark-to-Market Opportunity. This 20-unit apartment community, built in 1972, features an attractive townhome-style unit mix consisting of ten 4-bedroom/2-bath units and ten 3-bedroom/1.5-bath units. The property sits on approximately 1.10 acres with 24,500 square feet of building area and 40 parking spaces. Zoned LAR3 and located within an Opportunity Zone, the property also offers substantial value-add potential, including the opportunity for up to 13 new ADUs through a combination of conversions, detached construction, and a potential attached ADU. Longer-term redevelopment potential includes approximately 60 units by right and up to 102 units utilizing Tier 3 TOC incentives. Located just off Topanga Canyon Boulevard, the property offers convenient access to Westfield Topanga & The Village, Warner Center, CSUN, Pierce College, Kaiser Permanente Woodland Hills Medical Center, and Northridge Fashion Center. The location provides strong regional connectivity via the Ventura (US-101) and Ronald Reagan (SR-118) Freeways, offering access throughout the San Fernando Valley, Downtown Los Angeles, and Ventura County. The surrounding area benefits from a dense residential base, major employment centers, retail and entertainment amenities, Metro transit access, and continued multifamily and mixed-use development within the Warner Center area.
Details
| MLS # | 26672753 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1972 |
| Days On Site | 191 |
| Listing Provided By | Matthews Real Estate Investment Services | Daniel Withers |
Features
| Bed(s) | 70 |
|---|---|
| Bath(s) | 40 |
| SQ Feet | 24,500 |
| Story(s) | 2 |
| Units | 20 |
| Building(s) | 3 |
| Zoning | LAR3 |
| Acreage | 1.11 |
Parking
| Parking Features | Assigned |
|---|
Area Information
| State | CA |
|---|---|
| County | Los Angeles |
| City | Canoga Park |
| Zip Code | 91304 |
| Area | CP Canoga Park |
| Listing VS Median (in 91304) | |
Price: $5,095,000 low | high Med: $1,555,000 sqft: 24,500 low | high Med: 2,880 $ / sqft: $208 low | high Med: $540 On site: 191 low | high Med: 34 | |
Market Activity 91304
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Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | Canoga Park |
| Zip Code | 91304 |
| Area | CP Canoga Park |
| Listing VS Median (in 91304) | |
Price: $5,095,000 low | high Med: $1,555,000 sqft: 24,500 low | high Med: 2,880 $ / sqft: $208 low | high Med: $540 On site: 191 low | high Med: 34 | |