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Multifamily

Terra Apartments

20918 Gresham St, Canoga Park, CA 91304

Listing Price: $19,250,000

Cap Rate
3.83%
Number of Units
49
Occupancy
97.0%
Price/Unit
$392,857
Price/Gross SF
$402.54
Gross SF
47,821

Investment Overview

Marcus & Millichap is pleased to present the Terra Apartments, a forty-nine unit apartment building in the Canoga Park submarket of the San Fernando Valley bordering Chatsworth and Northridge. Built in 2003, the building has an excellent unit mix consisting of 12 one-bedroom/one-bathroom units, 2 two-bedroom/one-bathroom units, 31 two-bedroom/two-bathroom units and 4 three-bedroom/two-bathroom units. The community amenity package includes a swimming pool, fitness center, picnic area with barbecue, on-site laundry room, gated parking, storage area and controlled access. The units feature expansive floor plans, central air and heat, refrigerator, gas range stove, garbage disposal and dishwasher. This building allows an incoming investor to continue to execute on the established renovation plan to update the remaining outdated units and capitalize on the spread between current and market rental rates. Centrally located in the Western San Fernando Valley, the Terra Apartments provide residents with excellent accessibility to employment, area amenities, and transportation options. The property is only 3.5 miles north of Warner Center, a major employment center with 10 million square feet of office and industrial space. Major employers in the area include Aerojet/Rocketdyne, Northrop Grumman, Boeing, HealthNet, 21st Century Insurance, Medtronic, Deloitte, Panavision, Farmers Insurance, Anthem, Universal Music Group, and many more. In addition, the Terra Apartments location are walking distance to the Metro Orange Line Nordhoff Station and is in close proximity to the 101 and 118 freeways. The accessibility of the surrounding area has resulted in rental options, such as the Terra Apartments, becoming an increasingly attractive living option and has continued to fuel rent growth.

Investment Highlights

  • Opportunity to Add Value: Incoming investor(s) can continue to execute on established renovation plan to update remaining outdated units and capitalize on spread between current and market rental rate
  • 2003 Construction – Subject to State Rent Control: Terra Apartments offers an investor the opportunity to acquire 49 units in an emerging submarket near booming Warner Center.
  • Highly Amenitized Apartment Community: Community Amenity Package includes Swimming Pool, Fitness Center, Picnic Area with Barbecue, On-Site Laundry Room, Gated Parking, Storage Area and Controlled Acc
  • Thoughtfully Designed Units: Unit Features Expansive Floor Plans, Central Air and Heat, Refrigerator, Gas Range Stove, Garbage Disposal and Dishwasher
  • Irreplaceable West Valley Location: Located Approximately 3.5 Miles From Warner Center and Major Employers Including Aerojet/Rocketdyne, Northrop Grumman, Boeing, HealthNet, Medtronic, Deloitte, Panavision, Farmers Insurance

Exclusively Listed By

Financing By

Multifamily

Terra Apartments

Listing Price: $19,250,000

Cap Rate
3.83%
Number of Units
49
Occupancy
97.0%
Price/Unit
$392,857
Price/Gross SF
$402.54
Gross SF
47,821

Investment Highlights

  • Opportunity to Add Value: Incoming investor(s) can continue to execute on established renovation plan to update remaining outdated units and capitalize on spread between current and market rental rate
  • 2003 Construction – Subject to State Rent Control: Terra Apartments offers an investor the opportunity to acquire 49 units in an emerging submarket near booming Warner Center.
  • Highly Amenitized Apartment Community: Community Amenity Package includes Swimming Pool, Fitness Center, Picnic Area with Barbecue, On-Site Laundry Room, Gated Parking, Storage Area and Controlled Acc
  • Thoughtfully Designed Units: Unit Features Expansive Floor Plans, Central Air and Heat, Refrigerator, Gas Range Stove, Garbage Disposal and Dishwasher
  • Irreplaceable West Valley Location: Located Approximately 3.5 Miles From Warner Center and Major Employers Including Aerojet/Rocketdyne, Northrop Grumman, Boeing, HealthNet, Medtronic, Deloitte, Panavision, Farmers Insurance

Investment Overview

Marcus & Millichap is pleased to present the Terra Apartments, a forty-nine unit apartment building in the Canoga Park submarket of the San Fernando Valley bordering Chatsworth and Northridge. Built in 2003, the building has an excellent unit mix consisting of 12 one-bedroom/one-bathroom units, 2 two-bedroom/one-bathroom units, 31 two-bedroom/two-bathroom units and 4 three-bedroom/two-bathroom units. The community amenity package includes a swimming pool, fitness center, picnic area with barbecue, on-site laundry room, gated parking, storage area and controlled access. The units feature expansive floor plans, central air and heat, refrigerator, gas range stove, garbage disposal and dishwasher. This building allows an incoming investor to continue to execute on the established renovation plan to update the remaining outdated units and capitalize on the spread between current and market rental rates. Centrally located in the Western San Fernando Valley, the Terra Apartments provide residents with excellent accessibility to employment, area amenities, and transportation options. The property is only 3.5 miles north of Warner Center, a major employment center with 10 million square feet of office and industrial space. Major employers in the area include Aerojet/Rocketdyne, Northrop Grumman, Boeing, HealthNet, 21st Century Insurance, Medtronic, Deloitte, Panavision, Farmers Insurance, Anthem, Universal Music Group, and many more. In addition, the Terra Apartments location are walking distance to the Metro Orange Line Nordhoff Station and is in close proximity to the 101 and 118 freeways. The accessibility of the surrounding area has resulted in rental options, such as the Terra Apartments, becoming an increasingly attractive living option and has continued to fuel rent growth.

Exclusively Listed By

Financing By

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