8615 Balboa Blvd - Apartments FOR SALE


Northridge, CA 91325
$8,750,000 USD
213-866-9801
8615 Balboa Blvd, Northridge, CA for Sale
$8,750,000 USD
Apartments - FOR SALE
1/21
null | Request Cap Rate

8615 Balboa Blvd
Northridge, CA 91325


HIGHLIGHTS

  • First time on the market in more than 30 years
  • New electrical panels
  • Below market rents - over 40% upside
  • Potential to add ADUs
  • Can be purchased with 8567 Balboa Blvd - 54 units

OVERVIEW

54 units plus 1 non-conforming unit in Northridge. Great value add opportunity. Long term owner - 1st time on the market in more than 30 years. Huge upside in the rents - RENTS ARE 45%BELOW MARKET. The property consists of 43 singles, 10 - 1bedroom - 1 bath and 2 - 2 bedroom + 1 bath units. There is32,452 square feet and it sits on a 38,701 square foot lot. New water heaters. Opportunity to add ADUs. New electrical panels. Wall Air Conditioners in all the units. 54 parking spots. New carpet in the entry and hallways. Large patio area on the 2ndfloor overlooking the pool. On site laundry. The property is centrally located in the San Fernando Valley, minutes from California State University, Northridge, Matador Bowl and the Northridge Fashion Square Mall. Close to shops, restaurants and easy freeway access. Property is being offered with 40 units located at 8567 Balboa Blvd. Great opportunity to acquire 94 units in prime San Fernando Valley location.

FOR SALE DETAILS

PRICE

$8,750,000 USD

PRICE/SF

$147 USD /SF

# OF UNITS

55

PRICE/UNIT

$159,091

CAP RATE

Request Cap Rate

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Balboa Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1964

PARKING SPACES

54

LAND DETAILS

LAND ACRES

0.89 AC

LAND SF

38,768 SF

ZONING

LAR3

APN/PARCEL ID

2690-021-038

ASK ABOUT THIS PROPERTY

Michael SalernoLee & AssociatesMore Info
213-866-9801

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Michael SalernoLee & AssociatesMore Info
213-866-9801

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.