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Multifamily

Northridge Villa

18521 Prairie St, Los Angeles, CA 91324

Listing Price: $7,850,000

Cap Rate
4.13%
Number of Units
28
Price/Unit
$280,357
Price/Gross SF
$339.42
Gross SF
23,128

Investment Overview

Marcus & Millichap is proud to present this rare opportunity to purchase a 28-unit multifamily property just one block away from the CSUN campus. This is the first time this property has ever been on the market. The seller's father built this property in 1965.This 28 unit, 23,128 SqFt multifamily property sits on a 24,034 SqFt lot (0.55 acres), and it has a great unit mix of (2) Studio Units, (16) 1 Bed Units, and (10) 2 Bed units. The average unit size is over 800sqft, with all of the 2 bed units have at least 1.5 bathrooms.The property offers on-site laundry, a swimming pool, and ample parking of 26 parking spots (only the two studios do not get a parking spot). The sellers have already gone through the process of getting RTI approved plans for the mandatory retrofit work. We received an estimate that this property's retrofit will cost $138,780, and the buyer has until late 2023 to complete this work. Furthermore, we had an ADU specialist analyze this property, and a buyer would be allowed to add up to 9 ADUs to this property alone (7 attached ADUs and 2 detached ADUs). A savvy buyer would be able to combine these ADUs by building these ADUs where the tuck under parking is, which will lower the total costs and maximize added value for the buyer. Lastly, there have been many recent upgrades to the property including 4 recently renovated units, recent plumbing upgrades, and a full roof replacement in January 2021. The 4 remodeled units are currently vacant and will be left vacant for marketing purposes. The buyer may choose to leave them vacant at close of escrow or lease them up during escrow.*NOTE: This property is listed alongside another property on the same street by the same seller and can be purchased together.

Investment Highlights

  • Built in 1965 by the Seller's Father –Never Been Sold Before
  • Very Rare Listing Next to CSUN –Just One Block Away from Campus
  • Great Value Add Opportunity –Estimated 23% Upside in Rents

Exclusively Listed By

Financing By

Listing Price: $7,850,000

Cap Rate
4.13%
Number of Units
28
Price/Unit
$280,357
Price/Gross SF
$339.42
Gross SF
23,128

Investment Highlights

  • Built in 1965 by the Seller's Father –Never Been Sold Before
  • Very Rare Listing Next to CSUN –Just One Block Away from Campus
  • Great Value Add Opportunity –Estimated 23% Upside in Rents

Investment Overview

Marcus & Millichap is proud to present this rare opportunity to purchase a 28-unit multifamily property just one block away from the CSUN campus. This is the first time this property has ever been on the market. The seller's father built this property in 1965.This 28 unit, 23,128 SqFt multifamily property sits on a 24,034 SqFt lot (0.55 acres), and it has a great unit mix of (2) Studio Units, (16) 1 Bed Units, and (10) 2 Bed units. The average unit size is over 800sqft, with all of the 2 bed units have at least 1.5 bathrooms.The property offers on-site laundry, a swimming pool, and ample parking of 26 parking spots (only the two studios do not get a parking spot). The sellers have already gone through the process of getting RTI approved plans for the mandatory retrofit work. We received an estimate that this property's retrofit will cost $138,780, and the buyer has until late 2023 to complete this work. Furthermore, we had an ADU specialist analyze this property, and a buyer would be allowed to add up to 9 ADUs to this property alone (7 attached ADUs and 2 detached ADUs). A savvy buyer would be able to combine these ADUs by building these ADUs where the tuck under parking is, which will lower the total costs and maximize added value for the buyer. Lastly, there have been many recent upgrades to the property including 4 recently renovated units, recent plumbing upgrades, and a full roof replacement in January 2021. The 4 remodeled units are currently vacant and will be left vacant for marketing purposes. The buyer may choose to leave them vacant at close of escrow or lease them up during escrow.*NOTE: This property is listed alongside another property on the same street by the same seller and can be purchased together.

Exclusively Listed By

Financing By

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