28 Units | CSUN Adjacent | Assumable Loan

Highlights:

• Built in 1965 | Subject to RSO
• Property has Never Been Sold
• Assumable Financing
• 4.83% Rate | $3.75M Balance
• Over 8% Cash-on-Cash Return
• Good Upside + ADU Potential
• 1 Block from CSUN Campus
• Prime Northridge Location

Description:

The LAAA Team of Marcus & Millichap is pleased to present Northridge Manor, a rare 28-unit value-add opportunity located at 18540 Prairie Street in the heart of Northridge, just blocks from California State University, Northridge (CSUN). Built in the 1960s by the seller’s grandfather and never before sold, the property has been passed down through multiple generations, offering investors a chance to acquire a legacy asset with deep ownership history.

One of the most compelling aspects of this opportunity is the assumable Chase Bank loan with an outstanding balance of $3,750,000, fixed at a 4.83% interest rate through December 2029, and interest-only payments through December 2027. This attractive in-place financing is significantly below current market rates, enhancing cash-on-cash returns and reducing acquisition friction for qualified buyers.

Situated on a 24,041-square-foot lot (0.55 acres), the two-story building features an expansive interior courtyard, a gated swimming pool, assigned parking for each unit, and on-site laundry. The unit mix includes (2) studios, (16) one-bedroom/one-bath, (5) two-bedroom/1.5-bath, and (5) two-bedroom/two-bath units — ideal for a mix of traditional renters and students. Documented improvements include a 2017 soft-story seismic retrofit, installation of 30 earthquake shut-off valves, and a 2014 complete reroof with comp shingle over new sheathing.

Each unit is equipped with air conditioning, heating, high-speed internet, full kitchens with oven/range, tub/shower bathrooms, and window coverings. The property maintains a smoke-free environment and walk-up design, enhancing long-term tenant appeal.

Northridge Manor offers approximately 12% upside in rents under a traditional tenant profile, with significantly more upside potential if repositioned as CSUN student housing, where per-bedroom rent premiums are achievable. The property also presents potential for ADU additions, unlocking another layer of value. The immediate proximity to CSUN ensures steady demand from students, staff, and professionals, while the location near Northridge Fashion Center, Valley Performing Arts Center, and Porter Valley Country Club further supports long-term rental strength.

With assumable below-market financing, strong physical fundamentals, and multiple paths for revenue growth, Northridge Manor represents a premier investment opportunity in one of the most sought-after submarkets of the San Fernando Valley.

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