19236 Parthenia StLos Angeles, CA 91324

Property Details for 19236 Parthenia St

Year built

1962

Construction

WOOD

Lot size

0.45 AC

Property size (Sq ft)

15,715 SF

Zone code

LAR3

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

2784-022-029

APU

2784022029

Description

This exceptional investment opportunity presents a 36-unit apartment building located at 19236-19248 Parthenia Street, Los Angeles, CA 91324. The property, encompassing approximately 31,454 square feet, consists of two, two-story buildings constructed in 1962, situated on a sizable lot. The property boasts a desirable unit mix of one, two, and three-bedroom apartments, averaging a generous 874 square feet per unit. Currently operating at 100% occupancy, the property generates a Net Operating Income (NOI) of $294,081, with a pro-forma NOI projected at $663,674, representing a significant value-add potential. The asking price is $8,500,000, translating to $236,111 per unit and $270 per square foot. The property's prime location in Northridge offers convenient access to major freeways (118, 101, and 405), Cal State University Northridge, the Metrolink Northridge Station, Northridge Fashion Center, Northridge Hospital, and Costco. The property features on-site laundry facilities, carport parking, and a swimming pool. Many units have been upgraded with modern finishes, while others present a value-add opportunity through renovations. The large lot size presents potential for additional development. This property offers a compelling combination of strong current income and substantial upside potential, making it an ideal investment for discerning buyers. The property's APN is 2784-022-029 & 2784-022-030. The current cap rate is 3.46%, with a pro-forma cap rate of 7.81%.

• CAP approach

  CAP return

  Valuation

  6%

  $5,640,942

  6.5%

  $5,207,024

  7%

  $4,835,093

• Comparable approach

  Method

  Valuation

  Relative Method

  $4,631,965

  Geo Method

  $4,631,965

• Alternative Use

  Use

  Valuation

  Residential

  $5,207,024

  Hospitality

  $4,769,606

  Educational

  $3,968,256

  Medical

  $4,104,730

  Retail

  $6,172,842

Location Insight

City

Northridge

County

Los Angeles

State

California

Latitude

34.2279

Longitude

-118.553

CBSA code

31080

CBSA name

LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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