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$ 6,100,000
Est. payment | /mo
36 Beds
39 Baths
22,232 SqFt
$ 6,100,000
Est. payment | /mo
36 Beds
39 Baths
22,232 SqFt
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 22,232 sqft
Price per Sqft $274
MLS Listing ID 25589867
Bedrooms 36
HOA Y/N No
Year Built 1965
Lot Size 0.552 Acres
Property Description
We are 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 multiplegenerations, 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-oncashreturns 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 oftraditional renters and students. Documented improvements include a 2017 soft-story seismic retrofit, installation of 30 earthquake shut-off valves, and a 2014 completereroof 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 propertymaintains 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 studenthousing, where per-bedroom rent premiums are achievable. The property also presents potential for ADU additions, unlocking another layer of value. The immediateproximity to CSUN ensures steady demand from students, staff, and professionals, while the location near Northridge Fashion Center, Valley Performing Arts Center, andPorter 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 investmentopportunity in one of the most sought-after submarkets of the San Fernando Valley.
Location
State CA
County Los Angeles
Area Nr - Northridge
Zoning LAR3
Interior
Fireplace No
Exterior
Parking Features Assigned, Covered
Pool In Ground
Roof Type Composition,Shingle
Total Parking Spaces 28
Building
Story 2
Entry Level Multi/Split
Level or Stories Multi/Split
New Construction No
Others
Senior Community No
Tax ID 2763009009
Special Listing Condition Standard
Listed by Filip Niculete Marcus & Millichap
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Adrian Urrea | Elijah Urrea
Real Estate Professionals | Lic# 01060158