Seller's Agent in 2023
Albert Le
LE INVESTMENT GROUP
(909) 256-7889
1 in this area
23 Total Sales
405 Salem St Glendale, CA 91203
Vineyard Neighborhood
5
Beds
4
Baths
6,112
Sq Ft
6,804
Sq Ft
About This Home
As of May 2023HIGHLIGHTS: 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
LE INVESTMENT GROUP License #01468313 Listed on: 02/28/2023
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
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Home Values in the Area
Average Home Value in this Area
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
| 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
-
Sean Madadian
Buyer's Agent in 2023
Sean Madadian
Magic Realty
(818) 240-8080
2 in this area
35 Total Sales
-
Daniel Withers
Seller's Agent in 2020
Daniel Withers
Matthews Real Estate Investment Services
(310) 365-5054
1 in this area
44 Total Sales
-
F
Buyer's Agent in 2020
Fred Sundberg
Coldwell Banker Realty
-
K
Buyer's Agent in 2020
KIET DO
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: IV23034094
Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.
The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
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