6727 Orion Ave, Van Nuys

the successful sale of 6727 Orion Avenue in Van Nuys, CA.

Property Overview

Situated on nearly an acre of land, this multifamily offering is comprised of 5 detached homes on one lot, all of which have their own private, fenced-off yard. This offering has a great unit mix of homes with (1) 1 Bed / 1 Bath + Den house, (2) 2 Bed / 1 Bath homes, (1) 3 Bed / 1 Bath house, and in front there is a large 1,700+ sqft 3 Bed / 2 Bath house with a private gate, front yard, and pool in the back. In total, there is 5,624 square feet of building between the homes, making the average house 1,125 square feet, and these homes range from 800 square feet to 1,700+ square feet.

Record Breaking Sale - Highest Price/Unit in Van Nuys

Although we will be the first to admit that this multifamily property is more unique than a standard 5 unit apartment building because each unit is a separate house, we still believe this sale's impressive $415,402 per unit is worth mentioning. In fact, this is the first rent-controlled multifamily building in all of Van Nuys to sell for more than $400,000 per unit. Only 4 other rent controlled buildings that we could find on CoStar have sold for more than $300,000 per unit. Interestingly, the top 4 price/unit sales ever were all from properties that closed escrow this year. If you're thinking about selling a building yourself, this graphic suggests we are at the top of the market.

See below for the top 5 sales ever in Van Nuys for price per unit.

Deal Story

In a 1031 exchange, we do not recommend our clients finding their upleg (property being purchased) before listing for sale their downleg (property being sold), however these sellers called us in mid May and said they already had an accepted offer on a property they wanted to exchange into. We understood the assignment given to us, so we quickly turned around a full marketing package and got it on the market with a couple days of signing the listing agreement. Luckily, we have the largest database of apartment buyers and apartment brokers in Los Angeles, so we were able to generate 3 offers within 3 days of the start of our marketing (which includes emails, calls, listing websites, etc.).

One of those three offers came from an outside broker's buyer who gave a true all-cash and quick close offer, so the sellers decided to focus on that buyer in particular, even though we had a higher offer at full list price in hand. During the buyer's due diligence, there was a significant amount of...