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Multifamily

Majestic Prairie

18561 Prairie St, Los Angeles, CA 91324

Listing Price: $7,850,000

Cap Rate
4.10%
Number of Units
31
Price/Unit
$253,226
Price/Gross SF
$358.66
Gross SF
21,887

Investment Overview

Marcus & Millichap is proud to present this very rare opportunity to purchase a 31-unit multifamily property, which is less than 2 blocks away from the CSUN Campus. This is the first time this property has been on the market for sale in 6 years. This 31-unit multifamily property, built in 1966, sits on a 0.60-acre lot and has a total building area of 21,887. It also presents a strong unit mix with (3) bachelors, (4) studios, (18) 1 Bed units, (5) 2 Bed units, and (1) 3 Bed unit, with the average unit size being more than 700 SqFt. This property offers its tenants on-site laundry, a swimming pool, and ample parking spots with 28 total spots (the 3 bachelor units do not get parking). This property currently has 2 vacant units (1 remodeled and 1 not remodeled), which will remain vacant for marketing. The buyer may choose to leave them vacant at close of escrow or lease them up during escrow. This property needs the mandatory retrofit, but the seller has already completed the first stage so that the buyer will receive fully RTI plans to get the work done. The buyer will also have until late 2023 to complete this work. We received a bid from a retrofit company, and they estimate the cost to be $126,860 to complete the work. Furthermore, our ADU specialist analyzed this property and says the buyer will be able to add 7 attached ADUs to the site. A savvy buyer could build the ADUs into the tuck under park, and by combining the ADU work with the retrofit work, the buyer would be able to maximize the amount of money they spend in order to add value while paying for a mandatory cost. *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 1966 –Property is Subject to LA's Rent Control
  • Very Rare Listing Next to CSUN Campus
  • Great Value Add Opportunity-Estimated 25% Upside in Rents

Exclusively Listed By

Financing By

Listing Price: $7,850,000

Cap Rate
4.10%
Number of Units
31
Price/Unit
$253,226
Price/Gross SF
$358.66
Gross SF
21,887

Investment Highlights

  • Built in 1966 –Property is Subject to LA's Rent Control
  • Very Rare Listing Next to CSUN Campus
  • Great Value Add Opportunity-Estimated 25% Upside in Rents

Investment Overview

Marcus & Millichap is proud to present this very rare opportunity to purchase a 31-unit multifamily property, which is less than 2 blocks away from the CSUN Campus. This is the first time this property has been on the market for sale in 6 years. This 31-unit multifamily property, built in 1966, sits on a 0.60-acre lot and has a total building area of 21,887. It also presents a strong unit mix with (3) bachelors, (4) studios, (18) 1 Bed units, (5) 2 Bed units, and (1) 3 Bed unit, with the average unit size being more than 700 SqFt. This property offers its tenants on-site laundry, a swimming pool, and ample parking spots with 28 total spots (the 3 bachelor units do not get parking). This property currently has 2 vacant units (1 remodeled and 1 not remodeled), which will remain vacant for marketing. The buyer may choose to leave them vacant at close of escrow or lease them up during escrow. This property needs the mandatory retrofit, but the seller has already completed the first stage so that the buyer will receive fully RTI plans to get the work done. The buyer will also have until late 2023 to complete this work. We received a bid from a retrofit company, and they estimate the cost to be $126,860 to complete the work. Furthermore, our ADU specialist analyzed this property and says the buyer will be able to add 7 attached ADUs to the site. A savvy buyer could build the ADUs into the tuck under park, and by combining the ADU work with the retrofit work, the buyer would be able to maximize the amount of money they spend in order to add value while paying for a mandatory cost. *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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