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Neema Ahadian
Marcus & Millichap
310-909-5500
559 Glenwood Rd is a seven-unit multifamily property stands out as a rare find in a sought-after residential area, promising both stability and growth potential for investors.Located on the strategic corner of Clement Dr & Glenwood Rd, the property benefits from its proximity to key educational institutions and is nestled in an affluent neighborhood that boasts a high average household income. Its accessibility to Downtown Glendale, major shopping centers like the Glendale Galleria, and essential freeways positions it as an ideal residential choice for a wide range of tenants.The building is currently fully occupied, featuring a mix of one single and six two-bedroom units with six parking garages, each with dedicated parking. Recent rent adjustments have been implemented, affirming the property's strong income generation capability. Despite its well-maintained status, highlighted by quality interior finishes such as hardwood flooring and recessed lighting, the property offers significant upside potential. With most units rented below market rates, strategic upgrades and unit turnovers could lead to an increase in rental income by over 45%.Offered at a competitive price per unit and per square foot, this investment presents a rare opportunity to enter or expand in the Glendale market. The combination of its location, full occupancy, and untapped value-add potential, set against a backdrop of limited market inventory, makes it a compelling choice for those looking to invest in a thriving residential rental market.
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Total Bedrooms : 13
Total Baths: 7
Full Baths: 0
Half Baths: 0
Wall Furnace
Has Heating
Year Built: 1952
Building Area Total: 6,642
Lot Dimensions Source: Vendor Enhanced
Lot Size Acres: 0.2412
Lot Size Dimensions: 75x135
Lot Size Source: Vendor Enhanced
Lot Size Square Feet: 10508
Original List Price: 2,400,000
Listing Contract Date: 2024-03-26
Listing Agreement: Exclusive Right To Sell
Parcel Number: 5634013027
Garage Description: Garage
Lease Term: Negotiable
Source Listing Status: Active Under Contract
Source Neighborhood: 626 - Glendale-Northwest
Postal Code Plus 4: 1588
Directions: Located on the corner of Clement Dr & Glenwood Rd just west of N Pacific Ave.
Zoning: GLR4YY
Source Property Type: Residential Income
Area: 626 - Glendale-Northwest
Property Age: 72
Year Built Source: Vendor Enhanced
Total Square Feet Living: 6642
Levels or Stories: Two
Building Total Stories: 2
Address | Estimate | Bed | Bath | Sq. Ft | Lot Size |
---|---|---|---|---|---|
N Idlewood Road, Glendale, CA,91202 | $650,000 | -- | -- | -- | 14849 Sqft |
988 W Glenoaks Boulevard, Glendale, CA,91202 | $1,875,000 | 7 | 5 | 3,555 | 6225 Sqft |
1466 N Pacific Avenue, Glendale, CA,91202 | $1,699,999 | 3 | 1 | 1,936 | 4616 Sqft |
1637 Valley View Road, Glendale, CA,91202 | $2,199,000 | 5 | 3 | 2,854 | 11526 Sqft |
1360 Virginia Avenue, Glendale, CA,91202 | $2,895,000 | 4 | 4 | 2,942 | 14517 Sqft |
1627 Arbor Drive, Glendale, CA,91202 | $2,799,000 | 4 | 4 | 3,340 | 18944 Sqft |
1514 N Columbus Avenue, Glendale, CA,91202 | $2,399,000 | -- | -- | -- | 13340 Sqft |
547 South Street, Glendale, CA,91202 | $2,625,000 | -- | -- | 4,839 | 9213 Sqft |
1313 Valley View Road #.., Glendale, CA,91202 | $700,000 | 2 | 1 | 1,425 | 51093 Sqft |
1317 N Brand Boulevard .., Glendale, CA,91202 | $649,999 | 2 | 1 | 1,196 | 22033 Sqft |
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ByOwner last updated this listing 05/17/2024 @ 15:00
MLS: 24374047
LISTED BY: Neema Ahadian, Marcus & Millichap
SOURCE: CRMLS
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.