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18521 Prairie ST Northridge, CA 91324
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Key Details
Sold Price $7,625,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 23,128 sqft
Price per Sqft $329
MLS Listing ID 21768802
Sold Date 10/01/21
HOA Y/N No
Year Built 1965
Lot Size 0.550 Acres
Acres 0.55
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.
Location
State CA
County Los Angeles
Area Nr - Northridge
Zoning LAR3
Interior
Fireplace No
Exterior
Garage Covered
Parking Type Covered
Others
Senior Community No
Tax ID 2763004033
Special Listing Condition Standard
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Bought with Filip Niculete • Marcus & Millichap