Commercial For Sale | Multifamily | Apartment building / Low Rise / Garden Style / 1-3 stories high
18521 Prairie Street . Northridge , CA 91324
For sale 28 units in Northridge , Ca. For more information contact the listing agents, Filip Niculete & Glen Scher info@laaa.com (818) 212-2808
Posted: 12/29/2021 4:18 pm
| On HOMEiZ: 859 days |
Updated: 2 years ago
| Views: 405
Location Map
Property Type
Sold
Property Price
$7625000
$7625000
09/30/2021
0.55
Acres
$330
23128
Contact listing agent%
3.76%
$0
$286700
14.77
$0
1.25%
$95313
Property Location & Description
For sale 28 units in Northridge , Ca. For more information contact the listing agents, Filip Niculete & Glen Scher info@laaa.com (818) 212-2808
Rent Control
This 28 unit, 23,128 SqFt multifamily property sits on a 24,034 SqFt lot (0.55 acres), and it has a great unit mix of (2) Studio Units, (16) 1 Bed Units, and (10) 2 Bed units. The average unit size is over 800sqft, with all of the 2 bed units have at least 1.5 bathrooms. The property offers on-site laundry, a swimming pool, and ample parking of 26 parking spots (only the two studios do not get a parking spot). The sellers have already gone through the process of getting RTI approved plans for the mandatory retrofit work. We received an estimate that this property's retrofit will cost $138,780, and the buyer has until late 2023 to complete this work. Furthermore, we had an ADU specialist analyze this property, and a buyer would be allowed to add up to 9 ADUs to this property alone (7 attached ADUs and 2 detached ADUs). A savvy buyer would be able to combine the cost of the retrofit and ADUs by building these ADUs where the tuck under parking is, which will lower the total costs and maximize added value for the buyer. Lastly, there have been many recent upgrades to the property including 4 recently renovated units, recent plumbing upgrades, and a full roof replacement in January 2021. The 4 remodeled units are currently vacant and will be left vacant for marketing purposes
Northridge, Ca.
28
$272321
No.
Description
No. Units
Sq. Ft.
Avg. Mo. Rent
1.
0+1
2
$1375
2.
1+1
16
$1590
3.
2+2
10
$2149
4.
5.
2763-004-033
LAR3
99%
Wood & Stucco
2
1965
Good
Property Information
Sewer
Sewer System (Public)
Parking
Off-street
On-street
Assigned Parking
Parking Ratio 1.21/1,000 SF
Investment Overview
Investor
Energy Efficiency
No
No Data
N/A
N/A
No
No
No
No
Neighborhood lifestyle
Urban Core
More information
Listing Presented by
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