UPDATED:
Key Details
Property Type Apartment
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID BB26104554
HOA Y/N No
Year Built 1956
Lot Size 8,764 Sqft
Property Sub-Type Apartment
Property Description
generational asset, first time on the market, ideally located in the heart of Glendale just steps
from The Americana at Brand, offered at $2,299,000. Featuring two units delivered vacant in a
separate rear structure and an ADU bid already in hand, this is one of the best positioned
value-add opportunities in the entire submarket, delivering a stronger GRM and higher cap
rate than nearly every competing Glendale listing.
Located on a quiet, tree-lined street just 0.5 miles from The Americana at Brand,
the property consists of six 2-bedroom units and two 1-bedroom units, both of
which will be delivered vacant at closing, allowing a new owner to immediately
capture rental upside. The asset is already performing at a 5.80% cap rate with
a conservative 6.92% pro forma, both calculated using real operating expenses
and including a 5% management fee.
Adding to the opportunity, a contractor bid is already in hand to convert the two
vacant rear units into a large 3 bed unit and construct an additional 3 bed unit ADU
in the existing parking area, creating the potential for a 9th unit and additional rental
income. With both rear units delivered vacant, a buyer can begin the conversion
immediately after closing without the delays and costs associated with tenant relocation.
The majority of units have already been upgraded with new or refinished countertops,
cabinetry, and flooring, and electrical panel breakers have been replaced throughout, helping
minimize future capital expenditures. Tenants enjoy a highly walkable location near The
Americana, Glendale Galleria, Whole Foods, Trader Joe's, and Target, supporting strong and
consistent rental demand.
This is a true legacy Glendale asset combining irreplaceable location, in-place income, and
immediate value-add potential at a basis that is becoming increasingly difficult to find.
Location
State CA
County Los Angeles
Area 624 - Glendale-Chevy Chase/E. Glenoaks
Interior
Fireplaces Type None
Fireplace No
Laundry Washer Hookup, Electric Dryer Hookup
Exterior
Garage Spaces 4.0
Garage Description 4.0
Pool None
Community Features Sidewalks
View Y/N Yes
View City Lights, Neighborhood
Accessibility None
Total Parking Spaces 4
Private Pool No
Building
Lot Description Landscaped
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 5638003053
Acceptable Financing Submit
Listing Terms Submit
Special Listing Condition Standard
Virtual Tour https://www.myunits.com/buy/650wilson
Lease Land No
NEARBY SCHOOL & BUSINESS
GET MORE INFORMATION