54 Units | Next to CSUN | Assumable Loan 18551 Prairie St

Northmarq and Marcus & Millichap, as the exclusive listing agents, are pleased to present the opportunity to acquire 18551 & 18540 Prairie Street, a 28-unit and 26 Unit value-add opportunity adjacent to each other in the heart of Northridge, blocks away from CSUN.
Eloquently named Northridge Manor (18540) and Northridge Chalet (18551), the two properties are an extremely rare offering as this is the first time they have been offered for sale on the open market since they were built in the 1960’s. The buildings’ mid-century design and location near CSUN positions it as an ideal opportunity for value-add investors. Northridge Manor & Chalet features an expansive interior courtyard with a pool, parking for each unit, on-site shared laundry facilities, and efficient unit layouts. In addition to its exceptional physical plant, current ownership has maintained the buildings and improved select building systems throughout their ownership, including the completion of soft-story retrofit, copper plumbing throughout, electrical subpanel upgrades, and new heating systems. Additional upgrades include interior unit enhancements and landscaping with front façade improvements. With most of the units either in classic or moderately renovated, a potential buyer has a unique opportunity to focus mainly on revenue-generating upgrades.
Northridge Manor and Chalet is located on combined 48,090 square foot lots and is comprised of two, two story buildings with a pool and parking for each unit. The properties offer a desirable unit mix that bodes well for the renting community in the immediate area, including two (2) Studios, thirty-four (34) one-bedroom/one-bathroom units, six (6) two-bedroom/1.5-bathroom units, and twelve (12) two-bedroom/two-bathroom units for a total of 54 units. As units begin to turnover, savvy investors stand to capture a loss-to-lease of roughly 17% by capitalizing on high-end finishes sought by modern Northridge Renters.
Beyond the property’s intrinsic value, its exceptional location carries notable allure. Located just steps from Cal-State University of Northridge, Northridge Manor & Chalet are within a 5-minute drive of some of the San Fernando Valley’s most famed establishments such as the Northridge Fashion Center, Valley Performing Arts Center, the Matador Bowl, and Porter Valley Country Club.
Given the specific location, physical attributes of the asset, untapped value-add potential, and rarity of the offering, Northridge Manor and Chalet offer investors the unique opportunity to upgrade a premier value-add opportunity in one of the San Fernando Valley’s most coveted rental submarkets.