Freestanding Commercial
For Sale
$980,000
18650 Parthenia St, Northridge, CA 91324
Single-story masonry building with gated parking, covered storage, and flexible CM-1VL zoning for office, medical, retail, or light industrial use.
Property Size2,218 SF
Lot Size0.12 Acres
Price / SF$441.84
Days on Market49
Property Features for 18650 Parthenia St
General Information
Standard status
Active
Size
2,218 SF
Total Parking Spaces
6
Lot size
0.12 Acres
Property subtype
Vacant-User
Zoning
CM-1VL
Amenities
Delivered vacant at close of escrow, allowing for immediate occupancy, lease-up, or repositioning.
[Q] CM-1VL Zoning – Broad Commercial Flexibility: Supports a variety of light industrial, office, retail, and service-oriented uses
Includes ~890 SF of covered storage space, offering a practical solution for materials, equipment, or overflow operations without impacting interior layout
Excellent accessibility and exposure to consistent vehicular traffic (26,487 VPD) with approximately 6 on-site parking spaces
Building Details
Building Size
2,218 SF
Year Built
1963
Stories
1
Listing Agency:
Marcus & Millichap - Encino
(818) 212-2820
Listed By:
Hannah Zager · License #License(s): CA: 02140677
(818) 212-2820
Source:
Marcusmillichap
Added: Jun 28
Changed: Aug 15
Last Checked: Aug 15 at 3:33AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap - Encino
Investment Insights
Based on property information with market context.
This freestanding commercial property at 18650 Parthenia Street is a single-story masonry building constructed in 1963. The building includes an approximately 2,218-square-foot main structure plus an estimated 890-square-foot covered storage area that is not included in the stated building square footage. Gated on-site parking accommodates approximately six vehicles, and the property features a pylon sign along Parthenia Street for street visibility.
The property sits on an approximately 0.12-acre parcel and is positioned for direct street exposure. It is zoned [Q] CM-1VL, which supports a broad range of commercial and light industrial uses, giving an owner-user the flexibility to match the property to their operating needs.
Delivered vacant at close of escrow, the building is ready for immediate occupancy and can support a variety of tenant types, including office, medical, light industrial, retail, or service-based businesses. The combination of gated parking, covered storage, and an efficient single-story layout can be useful for operations that need convenient on-site staging, reliable customer or staff access, and adaptable space under the property’s zoning.
The property sits on an approximately 0.12-acre parcel and is positioned for direct street exposure. It is zoned [Q] CM-1VL, which supports a broad range of commercial and light industrial uses, giving an owner-user the flexibility to match the property to their operating needs.
Delivered vacant at close of escrow, the building is ready for immediate occupancy and can support a variety of tenant types, including office, medical, light industrial, retail, or service-based businesses. The combination of gated parking, covered storage, and an efficient single-story layout can be useful for operations that need convenient on-site staging, reliable customer or staff access, and adaptable space under the property’s zoning.
Key Highlights
- Single‑story 2,218 SF commercial building built in 1963 with masonry construction
- Approximately 0.12‑acre parcel includes an estimated 890 SF covered storage area (not included in building SF)
- Gated on‑site parking for approximately six vehicles
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$27,553
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
2.81%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$551,060
$551.1K
Cap Rate 7%
$393,614
$393.6K
Cap Rate 9%
$306,144
$306.1K
Market Conditions
NOI Build-Up for 2,218 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$42.1K $18.96/SF
− Vacancy
−$2.7K −$1.21/SF
EGI
$39.4K $17.75/SF
− OpEx
−$11.8K −$5.32/SF
NOI
$27.6K $12.42/SF
Area
Los Angeles, CA
Vacancy
6.40%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$551,060
Cap Rate 7%
$393,614
Cap Rate 9%
$306,144
Alternative Uses
Best Use
Industrial
$393.6K
$344.4K – $459.2K
NOI $27,553 @ 7.0% cap · market cap 2.81%
Second Best
Flex RnD
$365.5K
$319.8K – $426.4K
NOI $25,585 @ 7.0% cap · market cap 2.61%
Theoretical Best
Multifamily LT 5
$44.94M
$39.32M – $52.42M
NOI $3,145,474 @ 7.0% cap · market cap 320.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,784
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 91324, CA
29,500
Population
11,408
Households
2.6
Avg Household Size
39
Median Age
38%
College-Educated
86%
High-School Grad
4.3 sq mi
ZIP Area
6,860
Density / Sq Mi
$99,834
Median Household Income
$46,513
Median Earnings
$2,286
Median Rent
$869,200
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Single-story masonry building with gated parking, covered storage, and flexible CM-1VL zoning for office, medical, retail, or light industrial use.
Where is this flex space located?
The property is located at 18650 Parthenia St Northridge, CA.
What is the asking price?
The asking price for this property is $980,000.
What are key features of this property?
This property features: Single‑story 2,218 SF commercial building built in 1963 with masonry construction; Approximately 0.12‑acre parcel includes an estimated 890 SF covered storage area (not included in building SF); Gated on‑site parking for approximately six vehicles
