Amigo Flats

Northridge, CA 913248449 Amigo Ave.

Property Type: Multifamily
Under Contract

Details

  • Price: 1,515,000
  • Cap Rate: 4.16%
  • GRM: 13.81
  • Cost per SF: $293.83
  • Cost per unit: $216,429
  • Year Built: 1959
  • Square Footage: 5,156
  • Lot Size: 7,630
  • Units: 7
  • No. Stories: 2
  • Parking: 10 Spaces
  • Transaction Type: Under Contract
  • Property Type: Multifamily
  • Zoning: LAR3
  • Building Class: C
  • APN/Parcel ID: 2785-015-056

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 26 years, Amigo Flats. Located at 8449 Amigo Avenue, Amigo Flats is a tranquil 7-unit garden-style multifamily complex built in 1959 located in Northridge, CA. The building is 2 stories and construction is of wood frame with a pitched roof and painted stucco exterior. The asset is +/- 5,156 building square feet on a +/- 7,630 square foot lot zoned LAR3.

The apartment units are spacious and consist of 7 one-bedroom/one-bath units. Unit #3 features a large backyard. Four of the 7 units have been renovated. Common area amenities include partial covered / garage parking and a laundry room. Unit amenities include air conditioning, forced air heating, stove, plenty of closet space, semi private balconies / patios, and in select units new flooring and counter tops.

The building is accessible in the front of the property off Amigo Ave. and offers 10 parking spaces.

Capital improvements include soft story retrofit completion, installation of a new water heater, electrical panel and garage doors.

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.

8449 Amigo Ave. is located in Northridge, CA north of Roscoe Blvd. and west of Reseda Blvd. The property is centrally located near the 101, 405 & 118-freeyways. Boasting a “walk score” of 78 and a “bike score” of 83, the location is conveniently walkable and bikeable for tenants. Nearby destinations include CSUN, shopping centers, parks & recreation center. The closest grocery story is Vallarta Supermarket and nearby coffee shops include Joyce’s Coffee Shop and Restaurant, Cafe Aficionado and Starbucks.

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, 8449 Amigo Ave offers astute investors significant rental upside potential of roughly 24.63%.

Debt options remain strong for those seeking a loan. The offering includes a rate quoted for 40% down at 3.5% interest rate fixed for 5 years.

Property Highlights

  • 24.63% rental upside potential
  • Soft story retrofit completed
  • New water heater installed
  • New electrical panel installed
  • New garage doors
  • 4 units nicely renovated
  • Attractive curb appeal
  • Central SFV location near CSUN
  • Great residential community
  • Highly praised school district
  • Residential tree lined street
  • Thriving rental market

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23975 Park Sorrento Suite 110
Calabasas, CA 91302