18521 Prairie Street
Northridge, CA 91324
23,128 SF
Lot Size: 23994 sq.ft.
Year Built: 1965
MLS# 21768802
Neighborhood: NR - Northridge
Pending | Offered at $7,850,000

Troy Palmquist

DRE# 01772139

Property Description

This is the first time this property has ever been on the market. The seller's father built this property in 1965.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. The buyer may choose to leave them vacant at close of escrow or lease them up during escrow.
Listing Provided By
Filip Niculete, Marcus & Millichap
Based on information from California Regional Multiple Listing Service, Inc. as of September 24, 2021. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

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