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21450 Chase Street - Fountain Villas, Canoga Park, CA

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21450 Chase Street - Fountain Villas

Canoga Park, CA 91304-2602 - Canoga Park MF Submarket

Property Type:Multi-Family Number of Units:102 Status:Existing Year Built:1977
Stories:2 Building Size:129,300 SF Land Area:4.21 AC (183,388 SF)
For Sale Price:$31,400,000 Price/Unit:$307,843.14 Cap Rate:4.92 % GRM:-

Parking:2.2 Parking Spaces / 1,000 SF

Property Description: Multi Family - 102 Units

Sale Notes:
Institutional Property Advisors, as the exclusive listing agent, is pleased to present the opportunity to acquire Fountain Villas, a 102-unit apartment community located in the Canoga Park submarket of the San Fernando Valley. Originally built in 1977, current ownership has invested over $1.47M of capital dedicated primarily to common area enhancements and building systems. While an interior renovation is well underway, investors will have the opportunity to upgrade the remaining 29 un-renovated units and capture 14% upside in rental income by turning all units to market levels already achieved. As a result, Fountain Villas offers investors the rare ability to acquire a fully amenitized multifamily community with an in place business plan for capturing meaningful rent growth.

Marcus & Millichap Inc
Michael DiSimone
(213) 943-1854

Ronald Harris

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