NOT LISTED FOR SALE

405 Salem St Glendale, CA 91203

Vineyard Neighborhood
5 Beds
4 Baths
6,112 Sq Ft
6,804 Sq Ft Lot

Last Sold May 23, 2023

Last sale price $2,430,000 $398 Per Sq Ft

62 Days on Market

About This Home

As of May 2023

HIGHLIGHTS: Competitive offering actual In-place CAP Rate of 3.65% / ProForma CAP Rate of 4.49% will be achieved with all units paying market rent. / Gross monthly property wide rents are approximately 16% under market ($1,770/monthly). / Excellent unit mix of (4) large 2 bedroom 2 bathroom units (80%) & (1) oversized 3 bedroom 2 bathroom unit (20%). / The market rent for a 2 bedroom unit in Glendale is app. $2,250-$2,400 / The market rent for a 3 bedroom unit in Glendale is app $3,050-$3,200 / The property has a current GRM of 18.85 With a ProForma GRM of 16.24 / 100% occupied in 100% occupancy area. / The property is located just blocks for the Glendale Galleria. The Glendale Galleria is an expansive three-story regional shopping center.

The 5-unit property is composed of Four (4) two-bedroom / two-bathroom units and One (1) three-bedroom / two-bathroom unit. The property was built in 1970 and features tuck-under onsite parking. The property is located just minutes from The Glendale Galleria (0.7 miles) & The Americana At Brand (0.8 miles).

Last Agent to Sell the Property

Albert Le

LE INVESTMENT GROUP License #01468313 Listed on: 02/28/2023

Last Buyer's Agent

Sean Madadian

Magic Realty License #01066622

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1970

Lot Details

  • 6,804 Sq Ft Lot
  • 1 Common Wall
  • Density is 2-5 Units/Acre

Home Design

  • 6,112 Sq Ft Home
  • Apartment

Bedrooms and Bathrooms

  • 5 Bedrooms
  • 4 Bathrooms

Parking

  • 5 Parking Spaces
  • 5 Carport Spaces
  • Parking Available

Additional Features

  • Laundry Room
  • Urban Location

Listing and Financial Details

  • Tenant pays for electricity, gas
  • Tax Lot 53
  • Tax Tract Number 839
  • Assessor Parcel Number 5637017035
  • $981 per year additional tax assessments

Community Details

Building Details

  • Rent Control
  • 6 Separate Electric Meters
  • 5 Separate Gas Meters
  • 1 Separate Water Meter
  • Insurance Expense $3,000
  • Trash Expense $3,120
  • Water Sewer Expense $3,600
  • Operating Expense $43,856
  • Gross Income $153,600
  • Net Operating Income $111,964

Additional Features

  • 5 Units
  • Laundry Facilities

Property Details

Home Type

Multi-Family

Year Built

Built in 1970

Lot Details

0

Listing Details

  • CapRate: 4.49
  • Property Attached: Yes
  • Water Sewer Expenses: 3600.00
  • Zoning: GLR4YY
  • Property Sub Type: Apartment
  • Property Type: Residential Income
  • Parcel Number: 5637017035
  • Year Built: 1970
  • Special Features: None

Interior Features

  • Common Walls: 1 Common Wall
  • Price Per Square Foot: 397.58

Exterior Features

  • Pool Private: No

Garage/Parking

  • Carport Spaces: 5.00
  • Parking: Yes
  • Parking Features: Covered
  • Total Parking Spaces: 5.00

Utilities

  • Laundry: Yes
  • Laundry Features: Common Area
  • Sewer: Public Sewer
  • Trash Expense: 3120.00
  • Water Source: Public

Condo/Co-op/Association

  • Senior Community: No
  • Common Interest: Community Apartment
  • Community Features: Curbs, Storm Drains, Urban

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: 2-5 Units/Acre
  • Lot Size Sq Ft: 6804.00
  • Lot Size Acres: 0.1562

Rental Info

  • Tenant Pays: Electricity, Gas

Multi Family

  • Average2 Bed Area: 1078 Square Feet
  • Average3 Bed Area: 1800 Square Feet
  • Gross Income: 153600.00
  • Gross Multiplier: 16.24
  • Gross Scheduled Income: 153600.00
  • Insurance Expense: 3000.00
  • Lot Size Area: 6804.0000 Square Feet
  • Net Operating Income: 111964.00
  • Number Of Separate Electric Meters: 6
  • Number Of Separate Gas Meters: 5
  • Number Of Separate Water Meters: 1
  • Number Of Units Total: 5
  • Operating Expense: 43856.00
  • Rent Control: Yes
  • Total Expenses: 43856.00

Tax Info

  • Tax Census Tract: 3018.02
  • Tax Lot: 53
  • Tax Tract Number: 839
  • TaxOtherAnnualAssessmentAmount: 981.00

Range of Values:

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Value Increase
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Percent Increase
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Adjusted for Inflation
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Average Value
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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft Prior Sale
05/23/2023 05/23/23 Sold $2,430,000 -2.6% $398 / Sq Ft
02/28/2023 02/28/23 For Sale $2,495,000 +18.0% $408 / Sq Ft
10/30/2020 10/30/20 Sold $2,115,000 -15.4% $346 / Sq Ft View Prior Sale
10/21/2020 10/21/20 Pending -- -- --
09/02/2020 09/02/20 For Sale $2,500,000 -- $409 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $27,903 $2,528,172 $1,186,056 $1,342,116
2024 $27,903 $2,478,600 $1,162,800 $1,315,800
2023 $24,793 $2,200,446 $879,138 $1,321,308
2022 $24,371 $2,157,300 $861,900 $1,295,400
2021 $23,947 $2,115,000 $845,000 $1,270,000
2019 $3,189 $208,965 $45,690 $163,275
2018 $3,040 $204,869 $44,795 $160,074
2016 $2,803 $196,915 $43,056 $153,859
2015 $2,758 $193,958 $42,410 $151,548
2014 $2,774 $190,160 $41,580 $148,580
Source: Public Records

Agents Affiliated with this Home

  • Albert Le

    Seller's Agent in 2023

    Albert Le

    LE INVESTMENT GROUP

    (909) 256-7889

    1 in this area

    24 Total Sales

    Albert Le
    Section Image
  • Sean Madadian

    Buyer's Agent in 2023

    Sean Madadian

    Magic Realty

    (818) 240-8080

    2 in this area

    34 Total Sales

    Sean Madadian
    Section Image
  • Daniel Withers

    Seller's Agent in 2020

    Daniel Withers

    Matthews Real Estate Investment Services

    (310) 365-5054

    1 in this area

    47 Total Sales

    Daniel Withers
    Section Image

  • F

    Buyer's Agent in 2020

    Fred Sundberg

    Coldwell Banker Realty

  • K

    Buyer's Agent in 2020

    KIET DO

See All Agents

Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: IV23034094

California Regional Multiple Listing Service (CRMLS)
California Los Angeles County Glendale 91203 Vineyard

405 Salem St, Glendale, CA

Not Listed for Sale

MultiFamily

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