StatusAccepting Backup Offers (Active Under Contract)
About 7961 Willis Ave
The two story apartment consists of four 2 bedroom/ 2 bathroom units, three 2 bedroom/ 1 bathroom units, and the remainder of twelve 1 bedroom/ 1 bathroom units. Some of the units include balconies. The roof has been newly updated and the soft story retrofit work has been completed. Additionally there are 19 parking spots. The building size is 15,621 square feet that is built on a 18,221 square foot lot. The zoning is LAR3 Tier 3 TOC. The investment opportunity is located in the vibrant and up and coming neighborhood of Panorama City. Located within blocks of the existing Panorama Mall, the future site of a planned 4.5 million square foot mixed use development site. Included in the proposal are 70,000 square feet of restaurant space, 125,000 square feet of retail space, 146,000 square feet of open space,and 90,000 square feet of entertainment space. 7961 Willis Avenue is a 0.7 mile 14 minute walk from the Metrolink Ventura County Line at the Van Nuys Metrolink Station stop.A noteworthy development project currently in the San Fernando Valley, the light rail line will connect the Metrolink Train Line inVan Nuys , the Metro Orange Line, the Metrolink Train Line in Van Nuys, and the Metrolink Train Line in Sylmar/San Fernando.The majority of the new transit line will run along the median of Van Nuys Boulevard, with a station planned within blocks of the subject property. With current rents approximately 60% below market rates, a savy investor can capitalize on this rent upside to create increasing cash flow even before the neighborhood improves with the pending development projects. An additional revenue stream is provided by the on-site laundry facilities.
Property Details
Property Features
Property Information:
Year Built: 1966
Stories: 0
Living Area: 15,621 SqFt
Listing Office:
Office Name: KW Advisors
Office Phone: (310) 482-2200
Listing Agent: Meir Frydman
Interior Features
Bedroom and Bathroom Information:
Total Bedroom Count: 26
Lot Features
Lot Information:
Lot Size: 0.42 Acres
Utilities
Utilities Information:
Cooling: Central Air
School Info
Assigned Schools Information:
Panorama High School, Public District Grades 9-12
Daniel Pearl Journalism & Communications Magnet, Public Magnet Grades 9-12
Math, Science, & Technology Magnet Academy at Roosevelt High School, Public Magnet Grades 9-12
Vista Middle School, Public District Grades 6-8
Studio, Public District Grades 6-8
Melrose Avenue Elementary School, Public Magnet Grades KG-6
Academy For Enriched Sciences, Public Magnet Grades 1-5
Other
Directions Information:
Directions: The apartment complex is located at 7961 Willis Avenue in Panorama City CA, 91402. The building is located southwest of the intersection of Roscoe Blvd and Van Nuys Blvd.
Price Information
Listing Price Info
Price Summary:
List Price: $3,150,000
Price Per SqFt: $202/SqFt
Tax Information:
Annual Amount: $36,221
Tax Year: 2021
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Housing Market Comparison
See how this home compares to others in Los Angeles, CA.
This property is $2.1M more than the Median Sold Price and $430/SqFt less than other homes in Los Angeles, CA.
Based on homes sold in the last 12 months
MLS Details
MLS Information:
MLS Name: CRMLS
MLS Number: #24388019
Listing Office:
Office Name: KW Advisors
Office Phone: (310) 482-2200
Listing Agent: Meir Frydman
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
The information being provided by California Regional Multiple Listing Service, Inc. (“CRMLS”) is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Any information relating to a property referenced on this web site comes from CRMLS. Properties may or may not be listed by the office/agent presenting the information. Real estate listings held by brokerage firms other than this broker are marked with the Internet Data Exchange logo and detailed information about them includes the names of the listing brokers and listing agents. MLS search engine provided by IHR Technology Services. This data is updated every 2 hours. Some properties appearing for sale on this display may subsequently have sold and may no longer be available. Data displayed may be a portion of, and not a complete set of all listings published in the MLS. Last updated on: 5/19/2024, 3:20:35 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
Property Sales & Tax
Tax History
YEAR
PROP. TAX
ASSESSMENT
2021
$36,221
$2,890,168
2020
$6,805
$2,860,534
2019
$6,474
$388,764
2018
$6,325
$381,142
2017
$6,325
$373,670
History based on county public records data.
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Schools
Schools Nearby
The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.
Elementary School
9
/10
Melrose Avenue Elementary School
731 N Detroit St
Distance between this listing and this school11.07 miles
Public Magnet Grades KG-6
9
/10
Academy For Enriched Sciences
6170 Lockhurst Dr
Distance between this listing and this school11.17 miles
Public Magnet Grades 1-5
Middle School
3
/10
Vista Middle School
15040 Roscoe Blvd
Distance between this listing and this school0.44 miles
Public District Grades 6-8
4
/10
Studio
2211 W Avenue 30
Distance between this listing and this school14.70 miles
Public District Grades 6-8
High School
3
/10
Panorama High School
8015 Van Nuys Blvd
Distance between this listing and this school0.37 miles
Public District Grades 9-12
7
/10
Daniel Pearl Journalism & Communications Magnet
6649 Balboa Blvd
Distance between this listing and this school3.14 miles
Public Magnet Grades 9-12
8
/10
Math, Science, & Technology Magnet Academy at Roosevelt High School
456 S Mathews St
Distance between this listing and this school18.61 miles
Public Magnet Grades 9-12
Assigned Schools
9
/10
Melrose Avenue Elementary School
731 N Detroit St
Distance between this listing and this school11.07 miles
Public Magnet Grades KG-6
9
/10
Academy For Enriched Sciences
6170 Lockhurst Dr
Distance between this listing and this school11.17 miles
Public Magnet Grades 1-5
Nearby Schools
3
/10
Michelle Obama Elementary School
8150 Cedros Ave
Distance between this listing and this school0.25 miles
Public District Grades KG-5
Assigned Schools
3
/10
Vista Middle School
15040 Roscoe Blvd
Distance between this listing and this school0.44 miles
Public District Grades 6-8
4
/10
Studio
2211 W Avenue 30
Distance between this listing and this school14.70 miles
Public District Grades 6-8
Nearby Schools
5
/10
Valor Academy Charter
8015 Van Nuys Blvd
Distance between this listing and this school0.37 miles
Public Charter Grades 5-8
Assigned Schools
3
/10
Panorama High School
8015 Van Nuys Blvd
Distance between this listing and this school0.37 miles
Public District Grades 9-12
7
/10
Daniel Pearl Journalism & Communications Magnet
6649 Balboa Blvd
Distance between this listing and this school3.14 miles
Public Magnet Grades 9-12
8
/10
Math, Science, & Technology Magnet Academy at Roosevelt High School
456 S Mathews St
Distance between this listing and this school18.61 miles
The neighbors living near this home have an average income of $33,950. Residents of Los Angeles, CA typically earn less than $35k each year. Most families are married, with kids. The most common level of education of people living in this area is high school diploma.
All data provided by Home Junction and Claritas
Frequently Asked Questions About 7961 Willis Ave
What is the listing price of this property?
The listing price of 7961 Willis Ave property is $3,150,000.
What type of property is this?
The property 7961 Willis Ave is a house located in Panorama City, California, 91402.
Is this property for sale now?
Accepting Backup Offers: 7961 Willis Ave is Accepting Backup Offers (Active Under Contract), there is still a chance to have your real estate agent submit an offer.
What are the assigned schools for this property?
The assigned schools for 7961 Willis Ave are: Melrose Avenue Elementary School: GreatSchools Rating 9/10Academy For Enriched Sciences: GreatSchools Rating 9/10Vista Middle School: GreatSchools Rating 3/10Studio: GreatSchools Rating 4/10Panorama High School: GreatSchools Rating 3/10Daniel Pearl Journalism & Communications Magnet: GreatSchools Rating 7/10Math, Science, & Technology Magnet Academy at Roosevelt High School: GreatSchools Rating 8/10
What is the annual property tax for this property?
According to the records, the last property tax for 2021 is $36,221 (source: MLS/based on county public records data).
How many bedrooms and bathrooms does this property have?
The property at 7961 Willis Ave has 26 bedrooms and 23 bathrooms.
What is the square footage of this property?
The property 7961 Willis Ave is 15,621 SqFt (source: MLS/tax record).
Which year was this property built?
The year of construction for 7961 Willis Ave is 1966.
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This home is located at 7961 Willis Ave in Panorama City, CA and zip code 91402 in the The San Fernando Valley neighborhood. This 15,621 square foot home, which was built in 1966, sits on a 0.42 acre lot. Features: 26 bedrooms, 23 bathrooms. It has been listed on Rocket Homes since May 04, 2024 and is currently priced at $3,150,000.
Los Angeles, CA housing market in April 2024 saw over 701 listings sold above listed price, more than 204 sold at listed price and over 629 sold below. The number of homes for sale in Los Angeles, CA increased by 14.9% between March 2024 and April 2024. Listings spent 34 days on the market in April 2024, and had a median list price of $986,427 during the same period.
From Rocket Homes Real Estate and based on county public records data.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. 
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