Thank you
Han Chen
Growth Investment Group Pasade
626-594-4900
5.10% CAP Rate without doing any renovation! The 1063, a HIGH CAP Rate turnkey luxury 12-unit apartment community located in the highly desirable city of Glendale, bordered by the City of Burbank. The property offers superb location (Walk score 86) with access to many amenities, within walking distance to IKEA Burbank, Burbank Downtown, many shopping centers, close to schools, parks, local and national retailers, dining and upscale shopping, entertainment, and easy access to freeways (5 FWY and 134 FWY). The offering is unique due to its prime location, High CAP Rate, and turnkey conditions. New owner can enjoy high quality location, asset, and good cash flow immediately without the hardships of relocating tenants and managing construction crews. 1063 Justin is a beautifully upgraded and maintained garden style apartment community built in 1963. It is a two-story walkup apartment consisting of 12 units. It offers a beautifully landscaped (drought tolerant) center courtyard common area. It offers a superb unit mix of four (4) LARGE 2 bed + 1 bath units, six (6) spacious 1 bed + 1 bath units, and two (2) Studio units. Each unit one has been fully upgraded with full electrical and plumbing upgrades (plumbing upgrade in unit), new high durability wood vinyl and tile flooring in bathroom, new windows throughout, in-unit combo washer/dryer, state of the art mini-split HVAC systems, new kitchen with quartz kitchen countertop and new kitchen cabinets and stainless-steel kitchen appliances (gas range, dishwasher, and refrigerator), and new bathrooms with new vanities, toilets, bathtubs, and name brand fixtures. The exterior upgrades include a new façade, new exterior paint and signage, new entry gate, completely redone landscaping, updated electrical, and much more! Each unit is large with an excellent layout. One of the 2bedroom unit has a private balcony. The property is separately metered for electricity and gas. The property offers a single level gated parking area with 11 parking spaces. It is serviced by a master water heater and has additional shared laundry room.
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Water Source : Public
Sewer : Public Sewer
Roof : Flat
Windows: Double Pane Windows
Property Appliances: Dishwasher,Gas Range,Microwave,Refrigerator,Range Hood,Dryer,Washer
Fireplace: None
Flooring: Laminate,Vinyl,Wood
ENERGY STAR Qualified Equipment,Wall/Window Unit(s)
Air Conditioning
Wall Furnace
Has Heating
Fireplace Features: None
Has Fireplace: 0
Year Built: 1963
Roof: Flat
None
Washer Hookup,Gas Dryer Hookup
Wrought Iron
Lot Dimensions Source: Vendor Enhanced
Lot Size Acres: 0.1682
Lot Size Source: Assessor
Lot Size Square Feet: 7327
Original List Price: 5,720,000
Listing Contract Date: 2024-04-19
Listing Agreement: Exclusive Right To Sell
Parcel Number: 5623026040
Garage Description: Assigned
Lease Term: Negotiable
Tenant Pays: Electricity,Gas
Source Listing Status: Active
Source Neighborhood: 626 - Glendale-Northwest
Directions: cross street is Glenoaks Blvd
Zoning: GLC3*
Source Property Type: Residential Income
Area: 626 - Glendale-Northwest
Property SubType: Apartment
Property Age: 61
Common Walls: 2+ Common Walls
Property Condition: Turnkey
Structure Type: Apartment
Year Built Source: Assessor
Entry Level: 1
Entry Location: 1
Property Attached: Yes
Levels or Stories: Two
Building Total Stories: 2
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 |
1055 Grover Avenue, Glendale, CA,91201 | $3,000,000 | -- | -- | 7,211 | 7741 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 |
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ByOwner last updated this listing 05/17/2024 @ 20:12
MLS: AR24078643
LISTED BY: Han Chen, Growth Investment Group Pasade
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.