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54 Units | Next to CSUN | Assumable Loan

$12,600,000

18540 & 18551 Prairie St, Los Angeles, CA 91324

Active
Last Updated: 01/17/2025

5.5

Cap Rate

693,249

NOI

Details:
Cap Rate:    5.5%
NOI:    $693,249
Cash-on-Cash:    6.62%
Pro Forma Cap Rate :    7.22%
Building Size:    43,899 sqft
Lot Area:    47,916 sqft
Units:    54
GRM:    11.13
Year Built:    1968 | 1965
Price Per Sqft:    $287.02
Price Per Unit:    $233,333
Zoning:    R3
Floors:    2
Parking Spots:    54
Investment Strategy:    Value Add
Highlights:
  • Built in 1965/1968 | Subject to RSO
  • Property has Never Been Sold
  • Great Assumable Financing:
  • 4.78% Interest Only, 50% LTV
  • Value Add: 21% Upside in Rents
  • Attractive Unit Mix and Parking
  • 1 Block from CSUN Campus
  • Prime Northridge Location
Description:

18540 & 18551 Prairie St
Northridge, CA 91324
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Overview
The LAAA Team of Marcus & Millichap is 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.

Map:
Documents:
Title
18540___18551_Prairie_OM.pdf
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