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REDUCED! 5.76% In-Place Cap, $195K a door! 8523 Etiwanda Ave 48 Unit Apartment Building $9,400,000 ($195,833/Unit) 5.76% Cap Rate Northridge, CA 91325
INVESTMENT HIGHLIGHTS
- 48 units on over 1.1 acres of land
- Amenities include secure entry. pool, gym, laundry room and pet run
- Soft story retrofit complete
- 65% 2-Bedroom Units in Prime Northridge
- Covered parking for 47 cars
EXECUTIVE SUMMARY
PRICE REDUCED! 5.76% IN-PLACE CAP. $195K PER DOOR FOR MOSTLY 2-BED UNITS NEAR CSUN! Rob Renshaw of RE/MAX Commercial & Investment Realty is pleased to present the opportunity to purchase a stable, professionally managed 48-unit multifamily asset in the heart of the San Fernando Valley with significant future upside potential.
Casa Etiwanda is located at 8523 Etiwanda Avenue in Northridge, CA about 25 miles northwest of downtown Los Angeles. This suburban neighborhood has a population of nearly 62,000 with a strong employment base that creates consistent demand for quality rental housing. Casa Etiwanda offers studio, 1-bedroom, and 2-bedroom layouts providing plenty of options for a wide range of renters. The (31) 2-bedroom, 1-bathroom units, (16) 1-bedroom, 1-bathroom units, and (1) studio unit contain features such as laminate flooring, granite counters, window/wall-mounted HVAC, and dishwashers. The property also has on-site parking for 47 vehicles as well as laundry facilities, a barbeque area, a gym, and a swimming pool. The soft story retrofit has recently been completed.
Spread across 1.1 acres, Casa Etiwanda provides tenants with plenty of green space and mature landscaping. All areas of the property including the main building, rear building, and parking lots are secured and accessible only to tenants. Guests are provided access via a central intercom system that rings tenants directly from the front entrance.
As an investment opportunity, Casa Etiwanda provides buyers with a stable asset that can be easily financed. Furthermore, implementing a comprehensive renovation and reposition strategy for the property offers significant long-term growth potential.
Casa Etiwanda is located at 8523 Etiwanda Avenue in Northridge, CA about 25 miles northwest of downtown Los Angeles. This suburban neighborhood has a population of nearly 62,000 with a strong employment base that creates consistent demand for quality rental housing. Casa Etiwanda offers studio, 1-bedroom, and 2-bedroom layouts providing plenty of options for a wide range of renters. The (31) 2-bedroom, 1-bathroom units, (16) 1-bedroom, 1-bathroom units, and (1) studio unit contain features such as laminate flooring, granite counters, window/wall-mounted HVAC, and dishwashers. The property also has on-site parking for 47 vehicles as well as laundry facilities, a barbeque area, a gym, and a swimming pool. The soft story retrofit has recently been completed.
Spread across 1.1 acres, Casa Etiwanda provides tenants with plenty of green space and mature landscaping. All areas of the property including the main building, rear building, and parking lots are secured and accessible only to tenants. Guests are provided access via a central intercom system that rings tenants directly from the front entrance.
As an investment opportunity, Casa Etiwanda provides buyers with a stable asset that can be easily financed. Furthermore, implementing a comprehensive renovation and reposition strategy for the property offers significant long-term growth potential.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$957,864
|
$25.05
|
| Other Income |
$14,922
|
$0.39
|
| Vacancy Loss |
$28,736
|
$0.75
|
| Effective Gross Income |
$944,050
|
$24.69
|
| Taxes |
$112,743
|
$2.95
|
| Operating Expenses |
$290,010
|
$7.59
|
| Total Expenses |
$402,753
|
$10.53
|
| Net Operating Income |
$541,297
|
$14.16
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $957,864 |
| Annual Per SF | $25.05 |
| Other Income | |
|---|---|
| Annual | $14,922 |
| Annual Per SF | $0.39 |
| Vacancy Loss | |
|---|---|
| Annual | $28,736 |
| Annual Per SF | $0.75 |
| Effective Gross Income | |
|---|---|
| Annual | $944,050 |
| Annual Per SF | $24.69 |
| Taxes | |
|---|---|
| Annual | $112,743 |
| Annual Per SF | $2.95 |
| Operating Expenses | |
|---|---|
| Annual | $290,010 |
| Annual Per SF | $7.59 |
| Total Expenses | |
|---|---|
| Annual | $402,753 |
| Annual Per SF | $10.53 |
| Net Operating Income | |
|---|---|
| Annual | $541,297 |
| Annual Per SF | $14.16 |
PROPERTY FACTS
| Price | $9,400,000 | Apartment Style | Low-Rise |
| Price Per Unit | $195,833 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.12 AC |
| Cap Rate | 5.76% | Building Size | 38,234 SF |
| Gross Rent Multiplier | 9.81 | Average Occupancy | 98% |
| No. Units | 48 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1964/1995 |
| Property Subtype | Apartment | Parking Ratio | 1.29/1,000 SF |
| Price | $9,400,000 |
| Price Per Unit | $195,833 |
| Sale Type | Investment |
| Cap Rate | 5.76% |
| Gross Rent Multiplier | 9.81 |
| No. Units | 48 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.12 AC |
| Building Size | 38,234 SF |
| Average Occupancy | 98% |
| No. Stories | 2 |
| Year Built/Renovated | 1964/1995 |
| Parking Ratio | 1.29/1,000 SF |
UNIT AMENITIES
- Air Conditioning
- Heating
- Ceiling Fans
- Kitchen
- Granite Countertops
- Range
SITE AMENITIES
- Controlled Access
- Fitness Center
- Laundry Facilities
- Pool
- Gated
- Grill
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 1 | - | 500 |
| 1+1 | 16 | - | 650 |
| 2+1 | 31 | - | 875 |
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Walk Score®
Very Walkable (73)
PROPERTY TAXES
| Parcel Number | 2786-007-014 | Total Assessment | $7,791,686 |
| Land Assessment | $3,681,112 | Annual Taxes | $112,743 ($2.95/SF) |
| Improvements Assessment | $4,110,574 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
2786-007-014
Land Assessment
$3,681,112
Improvements Assessment
$4,110,574
Total Assessment
$7,791,686
Annual Taxes
$112,743 ($2.95/SF)
Tax Year
2024
ZONING
| Zoning Code | R3-1 (Buyer to Verify Zoning & Density) |
| R3-1 (Buyer to Verify Zoning & Density) |
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REDUCED! 5.76% In-Place Cap, $195K a door! | 8523 Etiwanda Ave
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