6902 Milwood AVE Canoga Park, CA 91303

We are pleased to present this eight unit multifamily property at 6902 Milwood Avenue, Canoga Park, CA. This rent controlled property was built in 1964 and sits on a 0.15 acre corner lot, and is on a quiet street that's directly adjacent to the Los Angeles River. The 5,438 building square feet is divided into eight units with a mix of (1) Studio, (6) 1 bed / 1 bath units, and (1) 2 bed / 1 bath unit.This is a great value-add opportunity with approximately 45% upside potential in rents. Some of that upside potential can be quickly realized with the upcoming rent increases that are allowed on LA Rent Controlled buildings in February 2024. Also, the city recently approved about $25,000 of capital improvements that can be billed back to the tenants over the next 5 years, adding some extra income for the owner.The property has received recent upgrades including the soft story earthquake retrofitting, which was completing in 2021, a new roof installed in 2017, replacement of the asphalt in the last two years, a brand new paint job, and almost all windows at the property have been replaced with dual glazed windows. Also, the property offers its tenants a communal laundry room and ample onsite parking. The property is located near Uptown Warner Center, a proposed mixed-use development that spans over 47 acres and is worth $3.4 billion. Once completed, it will be the largest master-planned community in Los Angeles. Warner Center is known for its high-end demographics with an average household income ranging from $106,089 to $269,230 within a one-mile radius. Additionally, it has a dense population, high barriers to entry, and strong market fundamentals, making it a market that is favored by investors and owner-users alike. The area shows potential for significant growth.