7305 Variel Ave
- 23% Rental Upside on Turnover
- Tier 7 Section 8 Payment Standards
- 100% Occupied with Established Cash Flow
- Renovated Unit Interiors
- Prominent R3-1 Corner Lot
- Documented System Improvements
Property Description
The LAAA Team of Marcus & Millichap is pleased to present 7305 Variel Avenue, a ten-unit apartment property situated on the northwest corner of Variel Avenue and Wyandotte Street in Canoga Park. Built in 1958, the two-story building features eight one-bedroom/one-bathroom units and two studios, totaling 6,942 square feet on an 8,552-square-foot R3-1 corner lot. The property is subject to the City of Los Angeles Rent Stabilization Ordinance (RSO) and provides ten parking spaces.
The investment opportunity is centered on established in-place income and demonstrated rental upside. According to ownership's August 19, 2026 rent roll, the property is fully occupied and generates $170,004 in annual scheduled rent. Three leases executed in 2026, including a studio at $1,395 and two one-bedroom units at $1,595 and $1,695, establish recent leasing benchmarks, and unit 3 is leased at $1,795. At the LAAA Team's pro forma rents of $1,795 for the one-bedroom units and $1,500 for the studios, the property produces approximately $208,320 in potential annual rental income, representing 23% upside as units turn, subject to applicable RSO requirements.
Select renovated residences feature white shaker cabinetry, quartz countertops, gas ranges, plank flooring, and recessed lighting. Tenants pay for their own gas and electric. The property is located in ZIP 91303, a Tier 7 area under the Housing Authority of the City of Los Angeles (HACLA) Section 8 payment standards effective September 1, 2026, which allow up to $2,110 for a studio and $2,370 for a one-bedroom unit. The combination of recent leasing activity and existing occupancy positions the property for investors seeking current cash flow with the potential to increase income through future turnover.
7305 Variel Avenue offers private investors, 1031 exchange buyers, and owner-operators an opportunity to acquire a fully occupied ten-unit property in an established West Valley rental market, with existing income, documented rental upside, and proximity to the Warner Center corridor.
Key Property Information
| Listing Status: | Available |
|---|---|
| Property Types: | Apartment Buildings |
| Price: | $1,575,000 |
| No. of Units: | 10 |
| Cap Rate: | 6.00% |
| GRM /GIM: | 9.26 |
| Year Built: | 1958 |
| Building Size: | 6,942 Sq ft |
| Lot Size: | 0.20 Acres |
| Opportunity Zone: | No |
| Price per unit: | $157,500 |
Additional contacts
| Full name | Phone number | Email address |
|---|---|---|
| Filip Niculete | 818-212-2748 | [email protected] |
| Glen Scher | 818-212-2808 | [email protected] |
| Blake Lewitt | 818-212-2813 | [email protected] |
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