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Key Details
Sold Price $5,800,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 13,020 sqft
Price per Sqft $445
MLS Listing ID SR21032027
Sold Date 06/08/21
HOA Y/N No
Year Built 1960
Lot Size 0.388 Acres
Acres 0.3881
Property Description
We are pleased to present the GlenVerdugo apartments, a well appointed 17 unit community in Glendale. Extensive modernization and remodel efforts have resulted in a stabilized asset in high demand. With the current in place NOI, an investor could obtain 60% LTV I.0. and achieve 5.1% return cash on cash. The current ownership has gone through great lengths and capital improvements to offer tenants a warm and inviting community including a courtyard lounge and BBQ area, lighting package, signage, secured access and parking just to name a few. 10 of the 17 units have been completely remodeled, the remaining units on turnover will allow the new buyer to realize even greater rate of return on their investment. The GlenVerdugo is a one of a kind unique asset, located within minutes to Americana at Brand & Galleria, is highly walkable with a 89 Walk-Score, and immediate access to the 2, 5, and 134 freeways.
There is a large affordability gap in Glendale, $995,000 is the median home sales price with majority of residents being renters. The strong fundamentals, highly regarded police & fire departments, blue ribbon schools, and strong workforce, historically low vacancy - all lend to the continued desire to invest in Glendale.
*** For full offering memorandum email or call listing agent ***
Location
State CA
County Los Angeles
Area 699 - Not Defined
Zoning GLR4YY
Rooms
Ensuite Laundry Common Area
Interior
Laundry Location Common Area
Fireplace No
Laundry Common Area
Exterior
Garage Spaces 21.0
Garage Description 21.0
Pool None
Community Features Urban
Total Parking Spaces 21
Private Pool No
Building
Lot Description 16-20 Units/Acre
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 5645026018
Acceptable Financing Cash, Cash to New Loan, Conventional, 1031 Exchange
Listing Terms Cash, Cash to New Loan, Conventional, 1031 Exchange
Financing Conventional
Special Listing Condition Standard
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Bought with General NONMEMBER • NONMEMBER MRML
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Tracy Thrower Conyers
Broker Associate, JD | License ID: 01712960
Broker Associate, JD License ID: 01712960