20918 Gresham St
Canoga Park, CA 91304
Terra Apartments · Multifamily Property For Sale · 49 Units

Marcus & Millichap is pleased to present this 49-unit non-rent control apartment building in the Canoga Park submarket of the San Fernando Valley, bordering Chatsworth and Northridge. Built in 2003, the building has an excellent unit mix consisting of (12) one-bedroom/one-bathroom units, (2) two-bedroom/one-bathroom units, (31) two-bedroom/two-bathroom units and (4) three-bedroom/two-bathroom units. The units feature expansive floor plans, central air and heat, 9-foot ceilings, dishwasher, designer tiling in kitchen and recessed lighting. The community amenity package includes a swimming pool, fitness center, picnic area with barbecue, on-site laundry room, gated parking, storage area and controlled access. With approximately 35 units currently turned over, the asset provides an opportunity to continue the renovation plan and operate a fully stabilized apartment community. Centrally located in the Western San Fernando Valley, the Terra Apartments provide residents with excellent accessibility to employment, area amenities, and transportation options. The property is only 3.5 miles north of Warner Center, a major employment center with 10 million square feet of office and industrial space. Major employers in the area include Aerojet/Rocketdyne, Northrop Grumman, Boeing, HealthNet, 21st Century Insurance, Medtronic, Deloitte, Panavision, Farmers Insurance, Anthem, Universal Music Group, and many more. In addition, the Terra Apartments location is walking distance to the Metro Orange Line Nordhoff Station and is in close proximity to the 101 and 118 freeways. The accessibility of the surrounding area has resulted in rental options, such as the Terra Apartments, becoming an increasingly attractive living option and has continued to fuel rent growth.