18540 & 18551 Prairie Street, Northridge, CA 91324
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Listed Price :
$12,600,000
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Beds :
70
-
Baths :
54
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Property Size :
43,899 sqft
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Year Built :
1965
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.
Interior Features
| Bedroom Information |
| Bedrooms |
70 |
| Bathroom Information |
| Bathrooms |
54 |
Listing Information
| Address |
18540 & 18551 Prairie Street |
| City |
Northridge |
| State |
CA |
| Zip |
91324 |
| County |
Los Angeles |
| Listing Agent |
Filip Niculete DRE #01905352 |
| Co-Listing Agent |
Glen Scher DRE #01962976 |
| Courtesy Of |
Marcus & Millichap |
| List Price |
$12,600,000 |
| Status |
Active |
| Type |
Residential Income |
| Structure Size |
43,899 |
| Lot Size |
47,916 |
| Year Built |
1965 |
Listing information courtesy of: Filip Niculete, Glen Scher, Marcus & Millichap. *Based on information from the Association of REALTORS/Multiple Listing as of Jan 17th, 2025 at 11:36 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
