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Vartan Markarian
Markarian Realty
818-248-8668
Unique and Prime investment opportunity 10 units in desirable Glendale Glenoaks area. Pride of ownership, Owns for about 50 years. Due to this long term ownership relationship with great tenants, the current rents have remained very low, leaving about 80% upside in rents Current rents are significantly below market, for 10 units totaling about $151,380 a year. One 3 bed 2 bath, Two 2 bed 1 bath, Five 1 bed 1 bath, Two single. The rents in the area for a 3 bedroom unit can be over $3,000, for 2 bed $2500 and 1 bed $2000 a month. Some TLC on this property current rents can potentially go up about $252,000 a year. The property is centrally located for commutes, supermarkets, restaurants and schools . Driving distance downtown Los Angeles, Burbank, Montrose, Americana and Glendale Galleria, NOHO district, Old Town Pasadena, and the Rose Parade, JPL. Local LA and Hollywood attractions include the Music Center, Disney Music Hall, and Hollywood Bowl. This 10 units is truly one of a kind and great investment. Per seller, inside 6 units are updated, Has copper plumbing, newer water heater, walk way, all wall heaters and wall A/C’s, about 13 parking, Everything in this area sells quickly, priced right and will not last long in this market.
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Water Source : Public
Sewer : Public Sewer
Roof : Flat
Fireplace: See Remarks
Wall/Window Unit(s)
Air Conditioning
Wall Furnace
Has Heating
Fireplace Features: See Remarks
Has Fireplace: 1
Year Built: 1962
Building Area Total: 7,211
Roof: Flat
None
Common Area
Lot Dimensions Source: Vendor Enhanced
Lot Size Acres: 0.1777
Lot Size Source: Assessor
Lot Size Square Feet: 7741
Original List Price: 3,000,000
Listing Contract Date: 2024-03-08
Listing Agreement: Exclusive Right To Sell
Parcel Number: 5623031015
Lease Term: Negotiable
Tenant Pays: Electricity,Gas
Source Listing Status: Active
Source Neighborhood: 626 - Glendale-Northwest
Postal Code Plus 4: 2447
Directions: Glenoaks
Zoning: GLR4YY
Source Property Type: Residential Income
Area: 626 - Glendale-Northwest
Property SubType: Apartment
Property Age: 62
Common Walls: 1 Common Wall
Structure Type: Apartment
Year Built Source: Assessor
Entry Level: 1
Entry Location: Ground level
Property Attached: Yes
Address | Estimate | Bed | Bath | Sq. Ft | Lot Size |
---|---|---|---|---|---|
Thompson Avenue, Glendale, CA,91201 | $96,000 | -- | -- | -- | 44707 Sqft |
329 Thompson Avenue, Glendale, CA,91201 | $3,500,000 | 7 | -- | 5,789 | 8313 Sqft |
1134 Elm Avenue, Glendale, CA,91201 | $8,250,000 | 34 | -- | 16,738 | 13313 Sqft |
1119 Winchester Avenue, Glendale, CA,91201 | $3,999,500 | -- | -- | 6,952 | 7208 Sqft |
1344 5th Street #8, Glendale, CA,91201 | $700,000 | 2 | 2 | 1,291 | 47108 Sqft |
1160 Elm Avenue, Glendale, CA,91201 | $12,900,000 | -- | -- | 27,165 | 26333 Sqft |
1421 5th Street #3, Glendale, CA,91201 | $649,000 | 2 | 2 | 924 | 12526 Sqft |
427 Thompson Avenue #2, Glendale, CA,91201 | $899,000 | 3 | 3 | 1,433 | 16933 Sqft |
1164 Justin Avenue #1, Glendale, CA,91201 | $799,000 | 3 | 2 | 1,972 | 8791 Sqft |
1063 Justin Avenue, Glendale, CA,91201 | $5,720,000 | -- | -- | -- | 7327 Sqft |
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ByOwner last updated this listing 05/19/2024 @ 01:49
MLS: GD24047499
LISTED BY: Vartan Markarian, Markarian Realty
SOURCE: CRMLS
Buyer Agency Compensation: 2%
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.