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6816 Independence Avenue, Canoga Park, CA

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6816 Independence Avenue

Canoga Park, CA 91303-2252 - Woodland Hills MF Submarket

Property Type:Multi-Family Number of Units:18 Status:Existing Year Built:2016
Stories:3 Building Size:27,590 SF Land Area:.18 AC (8,011 SF)
For Sale Price:$7,950,000 Price/Unit:$441,666.67 Cap Rate:4.85 % GRM:15.17

Parking:1.95 Parking Spaces / 1,000 SF

Sale Notes:
ARA Newmark , as the exclusive investment advisor, is please to present the opportunity to acquire 6816 Independence Avenue, a pristine 18-unit apartment community located in the Woodland Hills/Canoga Park submarket of the San Fernando Valley, one of the strongest rental markets in Los Angeles County.

6816 Independence Avenue benefits from its convenient location proximate to the west Valley' s strong and growing employment base. Warner Center is a major employment hub in the Los Angeles MSA and contains the largest concentration of Class A office space in the Valley, with the two most significant office buildings building concentration in the area, Warner Center Towers and LNR Warner Center. These two office centers comprise over 3.3 million square feet of office space alone and are dominated by health care and technology companies.
6816 Independence Avenue is located less than one and one half mile from The Village at Westfield Topanga, the 550,000 square foot, $350 million open-air retail complex which will connect Westfield Topanga and the Westfield Promenade, creating the third largest mall in the country. 6816 Independence is a transit-oriented community situated approximately one and one half mile from the Warner Center Transit Hub. The Metro Orange Line Extension transports riders directly from Warner Center and across the San Fernando Valley.

Rare New Construction Offering - Built in 2016 Cap Rate: 4.54%* - GRM: 14.73x* (* - Proforma projections as property is still going through lease-up) Positive Fundamental Trends: 3.1% submarket Vacancy and 6.3% year-over-year rent growth Renting at 6816 Independence is $636 per month less (avg.) than owning a single family home in Canoga Park / Woodland Hills. Massive Floor Plans featuring open full-size Kitchens, In-unit Washer/Dryer and Large Living Areas Attractive Financing Available - Contact Listing Agent to discuss available Loan Programs

ARA, A Newmark Company
Bryan Schellinger
(310) 407-6597

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