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Multifamily

18540 & 18551 Prairie Street

18540 Prairie St, Los Angeles, CA 91324

Listing Price: $12,600,000

Cap Rate
5.50%
Number of Units
54
GRM
11.13
Price/Unit
$233,333
Price/Gross SF
$287.02
Gross SF
43,899

Investment Overview

Marcus & Millichap is pleased to exclusively present Northridge Manor and Northridge Chalet, a rare opportunity to acquire a value-add portfolio of 54 units located at 18551 and 18540 Prairie Street in Northridge, California. This unique offering includes two adjacent mid-century properties situated in the heart of Northridge, just blocks away from California State University, Northridge (CSUN), making them ideal investments for value-add strategies.
Built in the 1960s and available on the open market for the first time, the properties are located on a combined 48,090-square-foot lot and consist of two two-story buildings featuring an expansive interior courtyard, a swimming pool, parking for each unit, and shared on-site laundry facilities. The desirable unit mix includes two studio apartments, 34 one-bedroom/one-bathroom units, six two-bedroom/1.5-bathroom units, and 12 two-bedroom/two-bathroom units.
Recent improvements, such as soft-story retrofitting, upgraded copper plumbing, electrical subpanel upgrades, and new heating systems, ensure long-term operational stability. With most units in classic or moderately renovated condition, investors have the opportunity to capture approximately 21 percent upside in rents by implementing high-end finishes that are sought after by modern renters and CSUN students. Located near CSUN, the properties enjoy proximity to the Northridge Fashion Center, the Valley Performing Arts Center, Matador Bowl, and Porter Valley Country Club. This strategic location fosters steady tenant demand from students, professionals, and families.
With strong intrinsic value, untapped rental upside, and an exceptional location, Northridge Manor and Northridge Chalet represent a premier opportunity in one of the San Fernando Valley’s most desirable rental markets.

Investment Highlights

  • Northridge Manor and Chalet, a 54-unit value-add investment opportunity, located at 18551 & 18540 Prairie Street in prime Northridge.
  • Being sold with attractive below-market assumable financing with interest rates well below current market rates.
  • Offered on the open market for the first time since their 1960s construction, these properties are a rare find.
  • By upgrading units with high-end finishes and potentially rent-ing to CSUN students, a new owner can capture about a 21 percent upside potential.
  • The properties feature a total of two studios, 34 one-bedroom units, six two-bedroom/1.5-bathroom units, and 12 two-bedroom/two-bathroom units. All units have assigned parking, and the properties include a pool, interior courtyard, and on-site laundry facilities.
  • Located steps from CSUN and a five-minute drive to major amenities like Northridge Fashion Center, Valley Performing Arts Center, and Porter Valley Country Club.
  • Soft-story retrofitting, copper plumbing, electrical subpanel upgrades, and new heating systems ensure stability and reduced future capital expenditure.
  • With a prime location near CSUN and other major attractions, Northridge Manor and Chalet are positioned to attract consistent tenant interest from students, families, and professionals.

Exclusively Listed By

Financing By

Multifamily

18540 & 18551 Prairie Street

Listing Price: $12,600,000

Cap Rate
5.50%
Number of Units
54
GRM
11.13
Price/Unit
$233,333
Price/Gross SF
$287.02
Gross SF
43,899

Investment Highlights

  • Northridge Manor and Chalet, a 54-unit value-add investment opportunity, located at 18551 & 18540 Prairie Street in prime Northridge.
  • Being sold with attractive below-market assumable financing with interest rates well below current market rates.
  • Offered on the open market for the first time since their 1960s construction, these properties are a rare find.
  • By upgrading units with high-end finishes and potentially rent-ing to CSUN students, a new owner can capture about a 21 percent upside potential.
  • The properties feature a total of two studios, 34 one-bedroom units, six two-bedroom/1.5-bathroom units, and 12 two-bedroom/two-bathroom units. All units have assigned parking, and the properties include a pool, interior courtyard, and on-site laundry facilities.
  • Located steps from CSUN and a five-minute drive to major amenities like Northridge Fashion Center, Valley Performing Arts Center, and Porter Valley Country Club.
  • Soft-story retrofitting, copper plumbing, electrical subpanel upgrades, and new heating systems ensure stability and reduced future capital expenditure.
  • With a prime location near CSUN and other major attractions, Northridge Manor and Chalet are positioned to attract consistent tenant interest from students, families, and professionals.

Investment Overview

Marcus & Millichap is pleased to exclusively present Northridge Manor and Northridge Chalet, a rare opportunity to acquire a value-add portfolio of 54 units located at 18551 and 18540 Prairie Street in Northridge, California. This unique offering includes two adjacent mid-century properties situated in the heart of Northridge, just blocks away from California State University, Northridge (CSUN), making them ideal investments for value-add strategies. Built in the 1960s and available on the open market for the first time, the properties are located on a combined 48,090-square-foot lot and consist of two two-story buildings featuring an expansive interior courtyard, a swimming pool, parking for each unit, and shared on-site laundry facilities. The desirable unit mix includes two studio apartments, 34 one-bedroom/one-bathroom units, six two-bedroom/1.5-bathroom units, and 12 two-bedroom/two-bathroom units. Recent improvements, such as soft-story retrofitting, upgraded copper plumbing, electrical subpanel upgrades, and new heating systems, ensure long-term operational stability. With most units in classic or moderately renovated condition, investors have the opportunity to capture approximately 21 percent upside in rents by implementing high-end finishes that are sought after by modern renters and CSUN students. Located near CSUN, the properties enjoy proximity to the Northridge Fashion Center, the Valley Performing Arts Center, Matador Bowl, and Porter Valley Country Club. This strategic location fosters steady tenant demand from students, professionals, and families. With strong intrinsic value, untapped rental upside, and an exceptional location, Northridge Manor and Northridge Chalet represent a premier opportunity in one of the San Fernando Valley’s most desirable rental markets.

Exclusively Listed By

Financing By

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