Multifamily
18540 Prairie Street
18540 Prairie St, Northridge, CA 91324
Listing Price: $6,100,000
Investment Overview
Marcus & Millichap is pleased to exclusively present Northridge Manor, a rare opportunity to acquire a value-add building comprised of 28 units located at 18540 Prairie Street in Northridge, California. This mid-century property is 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 1965 and available on the open market for the first time, the two-story building is located on a 23,958-square-foot lot and features an expansive interior courtyard, a swimming pool, parking for each unit, and on-site laundry facilities. The desirable unit mix includes two (2) studio apartments, 16 one-bedroom/one-bathroom units, five (5) two-bedroom/1.5-bathroom units, and five (5) 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 a 17 percent loss-to-lease by implementing high-end finishes that are sought after by modern renters. Located next to the CSUN campus, the property enjoys 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 represent a premier opportunity in one of the San Fernando Valley’s most desirable rental markets.
18540 Prairie Street
Investment Highlights
- THE OPPORTUNITY: Northridge Manor, a 28-unit value-add investment opportunity, located at 18540 Prairie Street in prime Northridge.
- ATTRACTIVE FINANCING: Being sold with attractive below-market assumable financing with interest rates well below current market rates.
- SALE FROM THE ORIGINAL OWNERS: Offered on the open market for the first time since their 1960s construction, these properties are a rare find.
- UPSIDE IN RENTAL INCOME: By upgrading units with high-end finishes, a new owner can capture about a 17 percent loss-to-lease, maximizing revenue potential.
- DESIRABLE UNIT MIX AND AMENITIES: The properties feature a total of 2 studios, 16 one-bedroom units, 5 two-bedroom/1.5-bathroom units, and 5 two-bedroom/two-bathroom units. All units have assigned parking, and the property includes a pool, interior courtyard, and on-site laundry facility.
- PREMIER LOCATION NEAR RENT DRIVERS: 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.
- RECENT CAPITAL IMPROVEMENTS: Soft-story retrofitting, copper plumbing, electrical subpanel upgrades, and new heating systems ensure stability and reduce future capital expenditures.
- STRONG TENANT DEMAND: With a prime location next to CSUN and other major attractions, Northridge Manor is positioned to attract consistent tenant interest from students, families, and professionals.
Exclusively Listed By
Financing By
Listing Price: $6,100,000
Investment Highlights
- THE OPPORTUNITY: Northridge Manor, a 28-unit value-add investment opportunity, located at 18540 Prairie Street in prime Northridge.
- ATTRACTIVE FINANCING: Being sold with attractive below-market assumable financing with interest rates well below current market rates.
- SALE FROM THE ORIGINAL OWNERS: Offered on the open market for the first time since their 1960s construction, these properties are a rare find.
- UPSIDE IN RENTAL INCOME: By upgrading units with high-end finishes, a new owner can capture about a 17 percent loss-to-lease, maximizing revenue potential.
- DESIRABLE UNIT MIX AND AMENITIES: The properties feature a total of 2 studios, 16 one-bedroom units, 5 two-bedroom/1.5-bathroom units, and 5 two-bedroom/two-bathroom units. All units have assigned parking, and the property includes a pool, interior courtyard, and on-site laundry facility.
- PREMIER LOCATION NEAR RENT DRIVERS: 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.
- RECENT CAPITAL IMPROVEMENTS: Soft-story retrofitting, copper plumbing, electrical subpanel upgrades, and new heating systems ensure stability and reduce future capital expenditures.
- STRONG TENANT DEMAND: With a prime location next to CSUN and other major attractions, Northridge Manor is positioned to attract consistent tenant interest from students, families, and professionals.
Investment Overview
Marcus & Millichap is pleased to exclusively present Northridge Manor, a rare opportunity to acquire a value-add building comprised of 28 units located at 18540 Prairie Street in Northridge, California. This mid-century property is 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 1965 and available on the open market for the first time, the two-story building is located on a 23,958-square-foot lot and features an expansive interior courtyard, a swimming pool, parking for each unit, and on-site laundry facilities. The desirable unit mix includes two (2) studio apartments, 16 one-bedroom/one-bathroom units, five (5) two-bedroom/1.5-bathroom units, and five (5) 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 a 17 percent loss-to-lease by implementing high-end finishes that are sought after by modern renters. Located next to the CSUN campus, the property enjoys 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 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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