7303 Woodley Ave, Van Nuys

the successful sale of 7303 Woodley Ave, a value add 5-unit multifamily property in the Lake Balboa neighborhood of Van Nuys, CA. Built in 1954, this RSO property sits on a corner lot of 0.15 acres and has 3,640 gross square feet. All five units are 725 square foot 2 bed / 1 bath units. The property was delivered with one vacant unit, and the combined rents were about 40% below full market rent potential.

Deal Story

We listed this property in early March and started our marketing on March 11th. We quickly gathered a lot of interest, and by the end of the first week on market, we had 5 signed offers from qualified buyers. We opened escrow soon after with a local investor/developer who owned many properties in the immediate area and who was in an exchange. When we opened escrow the first time, we were above $1,000,000, but after the buyer's inspection we soon learned that there was much more deferred maintenance than we originally thought. The buyer asked for a $100,000 reduction in price in order to close the deal, but the seller didn't accept, and we cancelled escrow. Armed with the buyer's inspection report, we circled back to the backup buyers looking for someone to give us a price they knew they'd close at with all issues considered. We were able to quickly get this back in escrow at $950,000 with a general contractor who wasn't afraid of the work to be done. This led to our smooth close of escrow at the end of April, which was only 45 days after originally listing the property.