$1,199,000 Price Analysis   ♡   Glendale, CA 91204 8 bed 9 bath 4,645 SqFt ($258/SqFt) 6,418SqFt lot. Built 1965 Listed 2024-07-01, Taxes $2,413 | Ⓧ USDA Ineligible due to price & location near Glendale |
Value Add 5 unit apartment building located in the heart of Glendale in close proximity to the Galleria and Americana.
* Sale Pending *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 approxmately 35% of market rents. Drive by only. Do not enter th e 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.
Presented by Donald Hinton at
Dilbeck Real Estate.
Property MLS #P1-18302 from CRMLS
Heating Features: Wall Furnace
Heating: Yes
Garage Spaces: 1
Parking Features: Parking YN: Yes, Parking Features: Parking Space, On Site
Parking Total: 5
Lot Size Source: Public Records
Lot Size Square Feet: 6418
Calculated Total Monthly Association Fees: 0
Rent Control: Yes
Bedrooms in Unit-2: 1
Bedrooms in Unit-3: 1
Bedrooms in Unit-4: 2
Bedrooms in Unit-5: 2
Total Bathrooms in Unit-1: 2
Total Bathrooms in Unit-2: 1
Total Bathrooms in Unit-3: 2
Total Bathrooms in Unit-4: 2
Total Bathrooms in Unit-5: 2
Unit-1 Garage Spaces: 1
County: Los Angeles
Source Property Type: Residential Income
Insurance Expense: 1045.00
Area: 628 - Glendale-South of 134 Fwy
Source Neighborhood: 628 - Glendale-South of 134 Fwy
Number of Separate Electric Meters: 5
Number of Separate Gas Meters: 5
Trash Expense: 7050.00
Zoning: GLR4YY
Source System Name: C2C
| Year | Assessments Building + Land Total | Tax |
|---|---|---|
| 2022 | $105,782 + $37,165 $142,947 | $2,413 |
| 2021 | $103,708 + $36,437 $140,145 | $2,353 |
| 2020 | $102,645 + $36,064 $138,709 | $2,324 |
| 2019 | $100,633 + $35,357 $135,990 | $2,287 |
| 2018 | $98,660 + $34,664 $133,324 | $2,171 |
| 2017 | $96,726 + $33,985 $130,711 | $2,099 |
| 2016 | $94,830 + $33,319 $128,149 | $1,989 |
| 2015 | $93,406 + $32,819 $126,225 | $1,961 |
| 2014 | $91,577 + $32,177 $123,754 | $1,984 |
| 2013 | $91,164 + $32,032 $123,196 | $1,944 |
| 2012 | $89,377 + $31,404 $120,781 | $1,925 |
| 2010 | $87,625 + $30,789 $118,414 | $1,771 |
| 2009 | $87,178 + $30,632 $117,810 | $1,775 |
| 2009 | $86,971 + $30,559 $117,530 | $1,775 |
| 2008 | $85,469 + $30,032 $115,501 | $1,747 |
| 2007 | $83,794 + $29,444 $113,238 | $1,693 |
$1,199,000
CRMLS
Sold 1977-09-14
$24,500
Public Record
Year Built: 1965
Building Features: 2
Common Walls: No Common Walls
Direction Faces: Northeast
Property Age: 59
Levels or Stories: Two
Building Total Stories: 2
Structure Type: Apartment
Year Built Source: Public Records
Water Source: Public
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The property loan eligibility may be subject to additional requirements beyond geographical location including but not limited to the condition of the property. Speak with a real estate professional to find out more about the eligibility of a specific property.