Properties | Casa Bella

Casa Bella

An 84-Unit (82+2NC) Value-Add Opportunity

8529-8539 Willis Avenue | Panorama City, CA

Offering Price: $17,100,000

Units: 84

Price per Unit: $203,571

Price per Sq. Ft.: $224.19

Current CAP: 4.71%

Market GRM: 6.13%

Year Built: 1965

Lot Size Sq. Ft.: 65,645

Gross Bldg. Sq. Ft.: 76,274

Net Rentable Sq. Ft.: 66,100

 THG Advisors, as the exclusive listing agent, is pleased to present the opportunity to acquire Casa Bella – an 84-unit (82 + 2NC) value add opportunity located in Panorama City, a neighborhood within the San Fernando Valley that is experiencing considerable growth. Built in 1965, Casa Bella offers investors the opportunity to gain a sizable foothold in a market that is benefiting from over $500 million of development. High-profile projects including the Panorama City Mall renovation, Icon at Panorama City, and over 25 luxury housing projects will introduce a new wave of retail, office, hospitality, and entertainment along with 2,000 high-income earning residents.  

 
Casa Bella is composed of two 3-story buildings totaling 76,274 gross square feet, featuring two community courtyards, two laundry rooms, and 120 parking spaces.  Spacious units that are weighted towards 2 and 3 bedroom floorplans create a competitive leasing advantage by catering directly to the market’s family oriented renter pool which is expected to grow. Finishes include white painted cabinetry, granite countertops, tile flooring throughout, electric stoves, wall AC-units in living rooms, large closets, and spacious balconies.  Recent major capital improvements include a new roof, solar panel installation, seismic retrofit (will be completed June 2018), and substantial copper piping which enable an incoming investor the benefit of focusing capital towards revenue generating upgrades.  
 
Through this offering an investor can acquire a mid-size san Fernando valley apartment community with numerous opportunities to increase revenue in a market expected to provide superior rent growth and value appreciation.
 
  • An ability to gain a sizeable foothold in a market poised for growth
  • Over 50% two & three bedroom units which appeals to the family oriented renter pool of the market
  • Significant revenue upside with rents below marketCentrally located within the San Fernando Valley giving tenants access to major employment hubs within Los Angeles County
  • Conveniently located less than 1.5 miles from the I-405 and 3 miles from the 5 freeway, providing easy access to Sherman Oaks, Studio City, Hollywood, Northridge, and DTLA
  • Central Location to Multiple Healthcare Employers including Mission Community Hospital, Kaiser Permanente Panorama City Medical Center, Valley Presbyterian Hospital, Providence Holy Cross Medical Center, and Pacifica Hospital of the Valley
  • Abundance of restaurants, grocery stores, & entertainment venues surround Casa Bella
  • Walking distance to over 900,000 square feet of retail within a 0.5 mile radius of the property which includes Walmart, 24 Hour Fitness, Rite Aid, GNC, Subway, and many others. 
  • The San Fernando Valley is home to over 85,000 businesses and 786,000 jobs
  • The average household income is $93,533 which has grown by 45% since 2000 and is projected to grow an additional 14% by 2022
  • Over 66% of Panorama City‘s households are renters and over 53% in the San Fernando Valley
  • The Valley is home to entertainment giants such as NBC Universal, Facebook, Warner Brothers, and DreamWorks