Courtesy of Marcus & Millichap.

15716 Saticoy St Van Nuys, CA 91406
54 beds
0 baths
31,178 sq ft

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Laura Alice Scaturro

Laura Alice Scaturro


DRE# 01942167

Property Description

We are proud to present the Lake Balboa Townhomes, located at 15716 Saticoy Street, Van Nuys, CA, in a very desirable rental pocket of the Lake Balboa neighborhood. This very large 1.05 acre lot has 5 separate buildings on it, and is located on the corner of Saticoy Street and Haskell Avenue. Also, the property does not need any soft story retrofitting, saving the buyer a large cost that many other buildings throughout Los Angeles need.This 42-unit multifamily offering has (41) 2-story townhome units and (1) standard flat unit , and it presents a great unit mix of (30) 1 Bed / 1 Bath units and (12) 2 Bed / 2 Bath units, with the average unit size being approximately 750 square feet. In 2019, the Seller installed washer & dryers into all 42 units (with permits) and completely renovated 31 of the 42 units (74% of the units are renovated). Furthermore, all of the units come with their own wall A/C unit, a personal balcony or patio, carpeted and hardwood floors, walk-in closets, ceiling fans, cable and satellite ready, vertical blinds, and stocked with a full suite of modern appliances. Also in 2019, the Seller spent a significant amount of money renovating many of the major systems, including replacing the roofs with all new shingles and with title 24 compliant cool roof products, upgrading the plumbing, upgrading and replacing the electrical systems, replacing the stairways with new guard railing, all new soffits, and installing 42 new earthquake gas shutoff valves. All of the aforementioned work was done properly with permits through LADBS. Please reach out to us for a copy of the LA permit records.The property offers an array of common area amenities for the tenants including a state of the art fitness center, recently renovated leasing office, ample assigned parking for the tenants and extra spots for guest parking, a picnic area with a BBQ, a dog run, a play area for the kids, and provides the tenants peace of mind security with gated entrances and 24 hour security systems covering the property. The investor who buys this property will have the opportunity to increase the gross rental income by an estimated 20% by increasing the rents on the current units to the max allowed by AB-1482 (5% + CPI), and also by renovating the remaining 11 non-renovated units and re-leasing those at market rates. The buyer can further add value by decreasing the expenses. Since all of the tenants currently have RUBS in their lease, the buyer could receive most of the utility expenses back from the tenants through the RUBS program.Another great value add opportunity for this property is to add units through the new California ADU ordinance. The most obvious and cheapest way to add a couple of units would be to convert the gym and leasing office into ADUs, quickly turning this into a 44 unit property. Mathematically, the new ADU ordinance would allow for a maximum of 12 additional units to be added to this property, however the buyer must consult with their own professionals to determine the most amount of ADUs that can be practically added.Lastly, with this offering’s strong in-place income, a qualified buyer/borrower would be able to receive a very attractive interest only loan in the amount of $8.7M (60% LTV) with a very attractive 3.10% interest only rate. With this loan quote that we received from our in-house capital corporation, the buyer would achieve an immediate 6.0% cash-on-cash return on their $5.8M down payment, and have the ability to get their cash-on-cash return over 9.5% in the future by getting all units to market rents and getting the property’s expenses down through RUBS.This rare offering is perfect for any investor, whether you are a value-add buyer looking to capitalize on upside potential in rents and add more units through the ADU ordinance, or if you are a passive investor looking for a mostly renovated, easy and inexpensive to manage property with strong in-place income.

Property Details & Features

Year Built

  • 1986

Appliances and Equipment

  • Cable
  • Dishwasher
  • Dryer
  • Ceiling Fan
  • Washer
  • Refrigerator
  • Satellite


  • 54.00 total bathrooms


  • 54 total bedrooms


  • 31,178 sq ft
  • Built in 1986


  • None


  • Assigned
  • Covered Parking
  • Gated


  • ListDate: 2021-09-13
  • PricePerSqFt: $465
  • 33 days on market


  • County: Los Angeles
  • ListingArea: Lake Balboa


  • LotAcreage: 1.0472
  • LotSizeArea: 45,616


  • TotalParking: 0


  • NumberOfUnits: 42
  • Zoning: LARD1.5

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