8805 Orion Avenue, North Hills, CA 91343
Sale Price $4,700,000
This property is currently a 4.61% Cap rate with 50% upside in rents. It has an excellent unit mix with 68% Two Bedroom units. We have a client directly up the street in North Hills currently getting $1,890 for a 1+1 and between $2,295-$2,395 for a 2+2. (The Azul Apts | https://www.rentcafe.com/apartments-for-rent/us/ca/los-angeles/north-hills/?geopicker&DetailsPreview=1027358).
The building has new copper plumbing, partial new roof, many new windows and the Seismic Tuck Under Retrofit has been completed and awaits a Certificate of Compliance. The property has 22 parking spaces.
Vacant since the 1994 Northridge earthquake, Shomof Group is converting the Panorama Tower from an office tower to 194 Residential Units. Shomof Group has commenced major renovations of the entire property, including converting the building's parking lot into a 396 Unit Apartment Complex with numerous amenities in addition to 15,000 SF of Retail Space.