Seven-Unit Van Nuys Building Trades for the First Time in Over 30 Years
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The LAAA Team of Marcus & Millichap is proud to announce the successful closing of 6860 Woodley Avenue, a seven-unit apartment building in the Lake Balboa area of Van Nuys, which sold for $1,715,000.
We were brought in to handle the sale on behalf of a long-tenured family trust that had held the property since 1994. This was the first time the building had traded in more than three decades. It came to market as part of a three-property Van Nuys offering the family decided to bring out together, and we co-listed the assignment with Joshua Yaris of our Encino office.
Built in 1988, the property is a clean, uniform building: seven identical two-bedroom, two-bathroom flats of roughly 1,050 square feet each. Because it was constructed after 1978, it falls outside Los Angeles rent stabilization and is governed only by California's statewide AB 1482, which gives a new owner more flexibility on rents than a typical pre-1978 Los Angeles building carries. In-place rents sat well below the market, leaving clear upside for the next owner without a renovation program.
We brought the offering to our buyer database and the wider market in mid-April at $1,850,000. The combination of a turnkey, all two-bed unit mix and real rent upside drew immediate attention. Within roughly two weeks of going to market, the property generated multiple competing offers from local investors. We ran a structured process so the family could weigh price against terms and certainty of close, and the seller went under contract on April 30 with the buyer who presented the strongest overall package.
The work that followed is where the deal was actually made. As the parties moved through due diligence, the focus turned to the City of Los Angeles compliance items that come with any sale here, including the residential property report and the standard retrofit requirements. Rather than hold escrow open while the seller chased municipal sign-offs, both sides agreed to adjust the price to $1,715,000 and have the buyer take responsibility for completing those items after closing. It was a practical trade that kept the timeline intact and gave the buyer control over the work. In the final days before recording, we also reconciled the rent roll and tenant deposits line by line with escrow so every proration was correct to the dollar.
The LAAA Team of Marcus & Millichap is proud to announce the successful closing of 6860 Woodley Avenue, a seven-unit apartment building in the Lake Balboa area of Van Nuys, which sold for $1,715,000.
We were brought in to handle the sale on behalf of a long-tenured family trust that had held the property since 1994. This was the first time the building had traded in more than three decades. It came to market as part of a three-property Van Nuys offering the family decided to bring out together, and we co-listed the assignment with Joshua Yaris of our Encino office.
Built in 1988, the property is a clean, uniform building: seven identical two-bedroom, two-bathroom flats of roughly 1,050 square feet each. Because it was constructed after 1978, it falls outside Los Angeles rent stabilization and is governed only by California's statewide AB 1482, which gives a new owner more flexibility on rents than a typical pre-1978 Los Angeles building carries. In-place rents sat well below the market, leaving clear upside for the next owner without a renovation program.
We brought the offering to our buyer database and the wider market in mid-April at $1,850,000. The combination of a turnkey, all two-bed unit mix and real rent upside drew immediate attention. Within roughly two weeks of going to market, the property generated multiple competing offers from local investors. We ran a structured process so the family could weigh price against terms and certainty of close, and the seller went under contract on April 30 with the buyer who presented the strongest overall package.
