Seller's Agent in 2019
Steven Weinberg
Citadel Ventures, Inc.
(818) 992-4896
14 Total Sales
3
Beds
3
Baths
29,989
Sq Ft
0.99
Acres
Highlights
- Gated Parking
- 0.99 Acre Lot
- Laundry Room
- Horace Mann Elementary School Rated A-
- Community Pool
- 3-minute walk to Adams Square Mini Park
About This Home
As of April 2019This investment opportunity consists of a two-story garden-style apartment complex which contains 41-units and was constructed in 1974 with approximately 29,989 square feet of improvements and situated on approximately 43,318 square feet of land. Unit Mix is comprised of 35- 1 bedroom 1 bathroom, 6- 2 Bedroom 2 bathroom units. Rents are currently below market and offer an investor upside of approximately 10%. Buyer to investigate Glendale City Council Rent Freeze which is set to expire February 27, 2019 and the possibility of passing a rent control or right to lease ordinance. Features and amenities of this building include gated swimming pool, two barbecue areas for the residents, laundry room with four washers and four dryers, controlled access to the building and parking. There are 52 parking spaces plus four single car garages that are being used by management for storage. Units have been upgrade as they turnover with new flooring, granite or quartz kitchen counter tops and tile back splash. The units come with gas stoves, double sinks, garbage disposals and dishwashers. The building is separately metered for gas and electric. The property is located within two miles of interstate 5 (Golden State Freeway) and State Highway 2 (Glendale Freeway) and Highway 134 which makes its location convenient for easy access to downtown Los Angeles, Pasadena, Burbank and other surrounding communities. The City of Glendale is served by both Amtrak and Metrolink. Do Not Disturb Tenants!
Last Agent to Sell the Property
Citadel Ventures, Inc. License #00857322 Listed on: 01/11/2019
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1974
Lot Details
- 0.99 Acre Lot
- Two or More Common Walls
Home Design
- Apartment
Interior Spaces
- 29,989 Sq Ft Home
- 2-Story Property
Bedrooms and Bathrooms
- 3 Bedrooms
- 3 Bathrooms
Laundry
- Laundry Room
- Leased Washer and Dryer
Parking
- Detached Carport Space
- Parking Available
- Gated Parking
Utilities
- Septic Type Unknown
Listing and Financial Details
- Tenant pays for electricity, gas
- Tax Lot 10
- Assessor Parcel Number 5676015019
Community Details
Recreation
- Community Pool
Building Details
- 39 Leased Units
- Rent Control
- 42 Separate Electric Meters
- 42 Separate Gas Meters
- 1 Separate Water Meter
- Electric Expense $6,134
- Fuel Expense $4,233
- Gardener Expense $9,220
- Insurance Expense $12,867
- Maintenance Expense $73,591
- Other Expense $6,133
- Pool Expense $2,359
- Professional Management Expense $37,103
- Trash Expense $3,478
- Water Sewer Expense $11,528
- New Taxes Expense $141,625
- Operating Expense $308,376
- Gross Income $706,915
- Net Operating Income $377,332
Additional Features
- 41 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 |
|---|---|---|---|---|
| 04/05/2019 04/05/19 | Sold | $11,000,000 | -2.9% | $367 / Sq Ft |
| 01/25/2019 01/25/19 | Pending | -- | -- | -- |
| 01/11/2019 01/11/19 | For Sale | $11,330,000 | -- | $378 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
Tax History Compared to Growth
Agents Affiliated with this Home
-
Steven Weinberg
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: SR19064686
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