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 22 years, Granada Arches Apartments. Located on a large corner lot at 17071 Chatsworth Street, Granada Arches Apartments is a stunning 22-unit garden-style apartment complex built in 1975 located in Granada Hills, CA. The asset is a +/- 13,986 square foot building on +/- 20,479 square foot lot, zoned LAR3.
Building construction is of wood frame with a flat roof and painted stucco exterior / wood accent. Major capital expenditures have recently been completed, including soft story retrofit and installation of a new water heater within the last few years.
The building is accessible by foot for tenants and guests in the front of the property off Chatsworth Street and by car through gated entrance off Genesta Avenue.
The unit mix is comprised of 7 single units and 15 one-bedroom one-bathroom units. Building amenities include a large private parking lot offering 29 individual spaces, a laundry room, sparkling enclosed pool, and manicured courtyard area with BBQ and patio seating. Units are spacious, offering air conditioning, and several have undergone remodel with new countertops, flooring, and paint.
Aesthetically, the property offers beautiful curb appeal, mature trees and is well maintained and landscaped.
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 assets class. Vacancy rate trends appear on par with the Los Angeles metro area remaining steady over the last 12 months at roughly 3.3%. With many units at below market rents amidst a thriving rental market, 17071 Chatsworth street offers astute investors significant rental upside potential of roughly 27%. The highest rent gain was seen in the North-West San Fernando Valley region where average effective rates rose 5.1%.
