The LAAA Team of Marcus & Millichap is pleased to present 7018 Alabama Avenue, a unique boutique brand new construction 9-unit apartment building located within a quarter mile of Westfield Topanga and The Village. The property is situated in a prime Warner Center adjacent location with convenient accessibility to the San Fernando Valley’s premier live/work/play community.
This trophy building is approximately 20,000 gross square feet with 12,000 square feet of living area, and it includes an excellent unit mix of four 2-bed / 2 bath, one 3-bed / 3 bath townhouse, three 3-bedroom, 3 bath plus den townhouses, and one 4-bedroom, 4 bath townhouse.
Importantly, this property is located in a qualified opportunity zone, yielding major tax benefits for a potential buyer if the project is purchased prior to Certificate of Occupancy (CofO). From our understanding of the opportunity zone tax law, if an investor purchases a brand new construction property in an opportunity zone, before CofO, then the buyer gets the credit and benefit of all the added value from the seller's development, and then in turn, the buyer receives the huge tax benefits connected with Opportunity Zones. Most notably, the buyer would be able to sell this property and not pay any federal capital gains tax if the property is held for more than 10 years. Please give us a call if you have more questions about this novel idea.
7018 Alabama Avenue is ideally located within short walking distance of Uptown Warner Center, a 47 acre, $3.4 billion proposed mixed use development that will change the landscape of the Warner Center, making it the largest master planned community in Los Angeles. Warner Center boasts high-end demographics ($106,089 to $269,230 average household income within a 1-mile radius), dense immediate population, high barriers to entry, and strong market fundamentals yielding an investor/owner user favored market conditions with significant growth potential. Centrally located just north of the Vanowen Street and Canoga Avenue, and conveniently positioned in the center of a broad range of employment and retail options, 7018 Alabama Avenue is surrounded by high-end neighborhoods, the third largest shopping center in the United States (Westfield Topanga, The Village at Westfield Topanga, and Westfield Promenade), and numerous high-profile office towers and residential developments.
The townhouse style building is one of the rare brand new construction apartment buildings available in the West Valley market and one of the first new luxury condo rentals in Canoga Park/Warner Center, setting a new standard in rental finishing with custom made European cabinetry and full back splash quartz, digital air condition, and in unit laundry. All units are equipped with a modern design and open floor plan with large windows and generous balconies/sliders. The community amenities are unparalleled for a 9 unit building with Zen style rooftop garden with meditation area, BBQ and 360 Degree panoramic unparalleled mountain views. Amazon lockers will be coming soon to the property and tenants will be provided with private security patrol at night.
The asset benefits from its walk-ability to the Metro Orange Line, which connects to the Red Line in North Hollywood and runs directly through Hollywood and Downtown Los Angeles. The San Fernando Valley consists of approximately 260 square miles, making it the largest geographic in the City of Los Angeles. With approximately 1.8 million residents, it is a densely populated area that as a standalone city, would be the seventh largest city in the United States. With the barrage of new hotels, residential buildings, Westfield Promenade, Westfield’s “The Village”, Westfield Topanga, and others still in the planning phase, nearby Warner Center is expecting a significant population increase between 2018 and 2025.
This unique investment opportunity provides a savvy investor with a non-rent control turn-key asset with unparalleled luxury in an irreplaceable, premier San Fernando location.