18528 Chase St Los Angeles, CA 91324

Property Details for 18528 Chase St

Year built

2017

Lot size

0.44 lot acres

Property type

Apartment buildings

Description

This exceptional 28-unit apartment building, constructed in 2017, presents a compelling investment opportunity in Los Angeles' desirable Northridge neighborhood. The property boasts a prime location, situated near Reseda Boulevard and Roscoe Boulevard, providing convenient access to Vallarta Market, ample retail options, public transportation, Northridge Hospital Medical Center, Cal State Northridge, the Northridge Metro Link Station, and the Northridge Fashion Center. The two four-story buildings encompass 32,058 net rentable square feet on a 0.44-acre lot, with a desirable unit mix including eighteen three-bedroom/two-bathroom units, five two-bedroom/two-bathroom units, one two-bedroom/one-bathroom unit, and four one-bedroom/one-bathroom units. Each spacious unit features modern amenities such as quartz countertops, stainless steel appliances (dishwasher, stove, oven, microwave, refrigerator), soft-close cabinets, laminate plank flooring, ample closet space, LED lighting, central air conditioning and heating, and balconies. Building amenities include a recreation room with laundry facilities, gated two-car tandem parking, bike racks, an intercom entrance, parcel lockers, two elevators, and trash and recycle chutes. The property currently enjoys 100% occupancy, generating a Net Operating Income (NOI) of $520,777, with a pro-forma NOI of $604,120 and a pro-forma cap rate of 6.04%. The asking price is $9,995,000, representing a price per unit of $356,964.29. The property is zoned LAR3 and is subject to the Los Angeles City Rent Stabilization Ordinance (RSO). A potential 29th non-conforming studio unit may offer further development possibilities (buyer to verify). This fee-simple ownership opportunity presents a strong stabilized investment with significant upside potential. The property features contemporary architecture and attractive tenant amenities, making it a highly desirable investment in a thriving Los Angeles market.