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Additional details
$ 12,600,000
Est. payment | /mo
70 Beds
54 Baths
43,899 SqFt
$ 12,600,000
Est. payment | /mo
70 Beds
54 Baths
43,899 SqFt
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 43,899 sqft
Price per Sqft $287
MLS Listing ID 25485207
Bedrooms 70
HOA Y/N No
Year Built 1965
Lot Size 1.100 Acres
Property Description
We are 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 2 studio apartments, 34 one-bedroom/one-bathroom units, 6 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% 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.
Location
State CA
County Los Angeles
Area Nr - Northridge
Zoning LAR3
Interior
Heating Floor Furnace
Fireplace No
Exterior
Parking Features Covered
Pool Community
Community Features Pool
Roof Type Other
Total Parking Spaces 54
Private Pool No
Building
Story 2
Entry Level Two
Foundation Raised, Slab
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 2763009009
Special Listing Condition Standard
Listed by Filip Niculete • Marcus & Millichap