Chase Apartments | 18528 Chase St
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Chase Apartments 18528 Chase St
28 Unit Apartment Building $9,995,000 ($356,964/Unit) 5.25% Cap Rate Northridge, CA 91324
INVESTMENT HIGHLIGHTS
- Newer Construction in Northridge - Built in 2017
- Close to Cal State Northridge and Northridge Hospital Medical Center
- There are no low/moderate income restricted units (property is subject to LA City RSO)
- Contemporary Architecture with Attractive Amenities
- Excellent Unit Mix of 18 – 3+2’s, 5- 2+2’s, 1 – 2+1 and 4 – 1+1’s
- Potential for a 29th Studio Unit ADU
EXECUTIVE SUMMARY
Marcus & Millichap is proud to present a 28-unit apartment building built in 2017. The developer took pride in constructing this
contemporary, low maintenance property with attractive tenant amenities and energy efficient features. There is an excellent unit mix
of 18- Three Bedroom/Two Bath, 5 - Two Bed/Two Bath, 1 – Two Bedroom/One Bath and 4 One Bedroom/One Bath Units.
The property is located in a solid Northridge location. Located just west of Reseda Boulevard and just north of Roscoe Boulevard, the property is adjacent to Vallarta Market and steps to Reseda Boulevard with plenty of retail, shopping and public transportation. Within walking distance of the property is Northridge Hospital Medical Center. A short driving distance away is the Cal State Northridge, Northridge Metro Link Station and the Northridge Fashion Center.
The Units are spacious and have slab quartz countertops, dishwasher, stove, oven, microwave, refrigerator, soft close cabinets, laminate plank flooring, ample closet space, LED lighting, central A/C and heat, wired for internet, satellite and cable TV, recessed lighting, and balconies. Tenants are attracted to the property with amenities such as a recreation room (with couches, desk and laundry machines), gated two car tandem parking, bike racks, intercom entrance, parcel lockers, two elevators, trash and recycle chutes and On-Site Laundry.
***Please note:
-There is a 29th non conforming studio unit, that could potentially be converted to an ADU. (Buyer to verify)
-There are no low/moderate income restricted units, however the property is subject to LA City Rent Stabilization ordinance (RSO). (Buyer to verify.)
contemporary, low maintenance property with attractive tenant amenities and energy efficient features. There is an excellent unit mix
of 18- Three Bedroom/Two Bath, 5 - Two Bed/Two Bath, 1 – Two Bedroom/One Bath and 4 One Bedroom/One Bath Units.
The property is located in a solid Northridge location. Located just west of Reseda Boulevard and just north of Roscoe Boulevard, the property is adjacent to Vallarta Market and steps to Reseda Boulevard with plenty of retail, shopping and public transportation. Within walking distance of the property is Northridge Hospital Medical Center. A short driving distance away is the Cal State Northridge, Northridge Metro Link Station and the Northridge Fashion Center.
The Units are spacious and have slab quartz countertops, dishwasher, stove, oven, microwave, refrigerator, soft close cabinets, laminate plank flooring, ample closet space, LED lighting, central A/C and heat, wired for internet, satellite and cable TV, recessed lighting, and balconies. Tenants are attracted to the property with amenities such as a recreation room (with couches, desk and laundry machines), gated two car tandem parking, bike racks, intercom entrance, parcel lockers, two elevators, trash and recycle chutes and On-Site Laundry.
***Please note:
-There is a 29th non conforming studio unit, that could potentially be converted to an ADU. (Buyer to verify)
-There are no low/moderate income restricted units, however the property is subject to LA City Rent Stabilization ordinance (RSO). (Buyer to verify.)
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$852,480
|
$26.59
|
| Other Income |
$8,200
|
$0.26
|
| Vacancy Loss |
$25,574
|
$0.80
|
| Effective Gross Income |
$835,106
|
$26.05
|
| Taxes |
$123,938
|
$3.87
|
| Operating Expenses |
$186,829
|
$5.83
|
| Total Expenses |
$310,767
|
$9.69
|
| Net Operating Income |
$524,339
|
$16.36
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $852,480 |
| Annual Per SF | $26.59 |
| Other Income | |
|---|---|
| Annual | $8,200 |
| Annual Per SF | $0.26 |
| Vacancy Loss | |
|---|---|
| Annual | $25,574 |
| Annual Per SF | $0.80 |
| Effective Gross Income | |
|---|---|
| Annual | $835,106 |
| Annual Per SF | $26.05 |
| Taxes | |
|---|---|
| Annual | $123,938 |
| Annual Per SF | $3.87 |
| Operating Expenses | |
|---|---|
| Annual | $186,829 |
| Annual Per SF | $5.83 |
| Total Expenses | |
|---|---|
| Annual | $310,767 |
| Annual Per SF | $9.69 |
| Net Operating Income | |
|---|---|
| Annual | $524,339 |
| Annual Per SF | $16.36 |
PROPERTY FACTS Under Contract
| Price | $9,995,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $356,964 | Building Class | A |
| Sale Type | Investment | Lot Size | 0.44 AC |
| Cap Rate | 5.25% | Building Size | 32,058 SF |
| Gross Rent Multiplier | 11.72 | No. Stories | 4 |
| No. Units | 28 | Year Built | 2017 |
| Property Type | Multifamily | Parking Ratio | 1.62/1,000 SF |
| Property Subtype | Apartment |
| Price | $9,995,000 |
| Price Per Unit | $356,964 |
| Sale Type | Investment |
| Cap Rate | 5.25% |
| Gross Rent Multiplier | 11.72 |
| No. Units | 28 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | A |
| Lot Size | 0.44 AC |
| Building Size | 32,058 SF |
| No. Stories | 4 |
| Year Built | 2017 |
| Parking Ratio | 1.62/1,000 SF |
UNIT AMENITIES
- Air Conditioning
- Balcony
- Dishwasher
- Disposal
- Microwave
- Heating
- Refrigerator
- Oven
- Range
SITE AMENITIES
- Controlled Access
- Laundry Facilities
- Picnic Area
- Storage Space
- Elevator
- Multi Use Room
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 4 | $1,885 | 1 |
| 2+1 | 1 | $2,450 | 1 |
| 2+2 | 5 | $2,466 | 1 |
| 3+2 | 18 | $2,748 | 1 |
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Walk Score®
Very Walkable (77)
PROPERTY TAXES
| Parcel Number | 2785-018-069 | Total Assessment | $11,710,714 |
| Land Assessment | $4,685,177 | Annual Taxes | $123,938 ($3.87/SF) |
| Improvements Assessment | $7,025,537 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
2785-018-069
Land Assessment
$4,685,177
Improvements Assessment
$7,025,537
Total Assessment
$11,710,714
Annual Taxes
$123,938 ($3.87/SF)
Tax Year
2024
ZONING
| Zoning Code | LAR3 (Multiple Dwelling) |
| LAR3 (Multiple Dwelling) |
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Chase Apartments | 18528 Chase St
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