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Key Details
Sold Price $1,370,000
Property Type Other Types
Sub Type OTHER
Listing Status Sold
Purchase Type For Sale
Square Footage 4,645 sqft
Price per Sqft $294
MLS Listing ID CRP1-18302
Sold Date 09/06/24
Bedrooms 6
HOA Y/N No
Year Built 1965
Lot Size 6,418 Sqft
Acres 0.15
Property Description
Value Add 5 unit apartment building located in the heart of Glendale in close proximity to the Galleria and Americana. This is a trust sale and the property is being sold in its as-is condition with long term tenants in place and has been priced accordingly. Current rents are approximately 35% of market rents. Drive by only. Do not enter the property or disturb the tenants. Make all offers subject to inspection.The property has significant upside for a buyer with the experience to manage and renovate the property.There are four 2 bedroom 1.5 bath units and one 1 bedroom 1 bath unit. Market rents after renovation are estimated at $2,750/ month each for the 2 bedroom units and $1,750/ month for the one bedroom unit and the stabilized value could be in the range of $2,000,000 which is approximately $400,000/unit and $430/SF using a gross income multiplier of 13. Buyer is advised to conduct their own due diligence with regard to future market rents and value. Buyer should familiarize themselves with State of California AB 1482 and the City of Glendale Rental Rights Program and other laws related to rental increases and relocation assistance. Roll up your sleeves, get to work and create value.
Location
State CA
County Los Angeles
Area Listing
Zoning GLR4
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Fireplace No
Exterior
View Y/N false
View None
Parking Type Other
Total Parking Spaces 5
Building
Lot Description Other
New Construction No
Others
Tax ID 5696011011
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Bought with JackBaboudjian