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IN ESCROW | 39u | North Hills | Rental Upside Potential

Purchase Price: $6,575,000
Property Address: 15526 Chase St. North Hills, CA 91343

  • CAP Rate:
  • Units:
  • Zoning Type:
  • Lot Size (Sqft):

4.92%

39

LAR3

37,375

  • GRM:
  • Year Built:
  • Price Per Unit:
  • Price Per Sqft:

12.01

1965

$168,590

$224.84


Investment Highlights


  • Excellent unit mix
  • Rental upside potential
  • Well maintained with spacious units

  • Strong rental market
  • Conveniently located to the 405 freeway
  • Central Valley location

Attachments

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Building Description

Property: 15526 Chase St. apartment complex is comprised of 39 garden‐style apartment units in one 2 story building. The building construction is of wood frame with a flat roof and painted stucco exterior. Development was completed in 1965 with a total of 29,243 building square feet on a 37,375 square foot lot. Current zoning is LAR3

 

The apartment units are spacious and consist of 19 singles, 2 (1+1), 5 (2+1), 9 (2+2), & 4 (3+2) units. Common area amenities include controlled gated access, covered parking, laundry room, multiple storage rooms, and a courtyard showcasing a beautiful drought resistant garden.

 

Unit amenities include wall A/C units, microwave, stove, patios and balconies (for all units excluding 1 single unit), tile floors, and granite countertops.  Bedrooms in 2br and 3br units share walls.  The property is separately metered for gas & electricity.

 

The building is accessible by foot through the gated entrance in front of the property and accessible by car by automated gated entrance on either side of the property. There is a total of 37parking spaces of which 22 are tuck under, 12 are carport, and 3 are open spaces.

 

Aesthetically, the property has gone through some major exterior capital improvements which include; new slurry-coat and restriping of the parking lot and driveway, complete exterior paint and trim of the building and resurfacing of common area walkways and stairs. All of which provide for a clean aesthetically pleasing property for both a new owner and current tenants.

 

The drought-resistant landscaping in front of the property offers an earthy, welcoming, and rustic façade making for great curb appeal.


Location: 15526 Chase St. is centrally located in a family oriented community of North Hills adjacent to Van Nuys. The property is just north of Roscoe Blvd and east of the 405 freeway. The 15500 block of Chase St. is a low traffic quiet residential tree lined street. The immediate vicinity consists of well-maintained apartment buildings and single-family homes.

 

The property is near convenient access to the 405 freeway and centered between three other major freeways, the 101 Freeway to the south, 118 to the north, and 170 to the east.  Public transit is also convenient as bus stops and the Metrolink station are within walking distance of the property. The orange line station is another great alternative for public transportation available to tenants.