Arches West

Granada Hills, CA 9134417093 Chatsworth St.

Property Type: Multifamily
Sold/Closed

Details

  • Price: 1,850,000
  • Cap Rate: 4.68%
  • GRM: 13.16
  • Cost per SF: $286.33
  • Cost per unit: $231,250
  • Year Built: 1963
  • Square Footage: 6,461
  • Lot Size: 6,849 SF
  • Units: 8
  • No. Stories: 2
  • Parking: 10 Spaces
  • Transaction Type: Sold/Closed
  • Property Type: Multifamily
  • Zoning: LAR3
  • Building Class: C
  • APN/Parcel ID: 2696-029-008

Property Description

On behalf of ownership as the exclusive listing agent, Lucrum Real Estate Group of KW Commercial is proud to offer for sale – for the first time in 24 years, Arches West Apartments. Located at 17093 Chatsworth Street, Arches West is a tranquil 8-unit garden-style multifamily complex built in 1963 located in Granada Hills, CA. The building is 2 stories and construction is of wood frame with a flat roof and painted stucco exterior / wood panel accent.  The asset is +/- 6,461 building square feet on a +/- 6,849 square foot lot zoned LAR3.

The apartment units are spacious and consist of 5 one-bedroom/one-bath units, 2 two-bedroom/one-bath units and 1 two-bedroom/two-bath unit. Three of the eight units have been renovated. Common area amenities include controlled access, partial covered & garage parking and one laundry facility. Unit amenities include air conditioning, stove, plenty of closet space, semiprivate balconies / patios, and in select units new flooring and counter tops.

The building is accessible in the front of the property off Chatsworth St. through the front gate and through the rear alleyway via gated parking. There are a total of 10 parking spaces.

Capital improvements include soft story retrofit completion and installation of a new water heater.

Aesthetically, the property grounds and building are well maintained and attractive. The landscaping is well kept and manicured. The structure has impressive frontage providing for attractive curb appeal.

17093 Chatsworth St. is located in prime Granada Hills, CA close to the intersection of Balboa Boulevard and Chatsworth Street, the property is centrally located near the 118-freeyway in a well-sought-after community of the San Fernando Valley. Boasting a “walk score” of 70, the location is very walkable. The complex serves a population of 53,678 and median household income of $87,919. Nearby offerings include dining, retail shopping, hospital, recreation center, and movie theater. As one drives down Chatsworth Street towards Zelzah Avenue, the street begins to be lined with popular shops and a regional shopping destination commonly known as the Granada Business District. This incorporated city also boasts the #2 ranked California charter high school for 2020.

Low vacancy rates in the San Fernando Valley coupled with continued low interest rates have led to multifamily investment properties becoming a highly attractive asset class. With many units at below market rents amidst a thriving rental market, 17093 Chatsworth street offers astute investors significant rental upside potential of roughly 18.2%.

Property Highlights

  • 18.2% rental upside potential
  • Soft story retrofit completed
  • New water heater installed
  • 3 units nicely renovated
  • One unit delivered vacant
  • Spacious balconies & patios
  • Charming Granada Hills location
  • Central SFV location near CSUN
  • Great residential community
  • Thriving rental market

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23975 Park Sorrento Suite 110
Calabasas, CA 91302