Exclusive Listings

Linden Apartments

Address:
1135-39 Linden Ave
Glendale, CA 91201
Price:
$6,400,000
Status:
Available
Type:
Apartment
# Units:
16
Year Built:
1987
Building Size:
14,587 SF
Lot Size:
13,429 SF
CAP Rate:
3.19%
GRM:
20.53x
Price/Unit:
$400,000
Price/SqFt:
$438

INVESTMENT HIGHLIGHTS

  • Outstanding location in the city of Glendale, near Burbank
  • Walking distance to the newly opened IKEA (largest in the world!); Minutes away from the immensely popular Burbank Town Center and Burbank Empire Center, Glendale Galleria, and Americana at Brand.
  • Long-time tenants with an estimated ±38% rental upside potential
  • First time for sale since 1994! TRUE VALUE ADD OPPORTUNITY
  • Non-rent-controlled, all tenants are on a month-to-month rental agreement
  • Excellent demographics with ±$85,000 average household incomes within a 2-mile radius
  • Easy to maintain property as-is, yet provides upside potential making this as a truly pride-of-ownership luxury apartment
  • Easy access to the 2 FWY, 5 FWY, and Metrolink Station
  • Located within the highly desirable Glendale Unified School District
  • Located in a Very Walkable neighborhood with Walkscore of 76 out of 100
  • Perfect for a long-term hold buyer who plans to hold this as a multi-generational investment property or a 1031 exchange buyer

PROPERTY HIGHLIGHTS

  • Newer built property constructed in 1987 with central A/C in each unit and fire alarm system
  • Gated, underground parking with a total of 28 parking spaces
  • Superb unit mix with many large 2 bedrooms and 2 bathrooms units
  • Very well-maintained property with no known deferred maintenance
  • Separately metered for gas, shared laundry rooms, and lush landscaping
  • Each unit is equipped with individual water heater, ample closet and storage spaces, tiled bathroom, tiled kitchen countertop, oven, electric stove, dining area
  • Excellent curb appeal with superb frontage on Linden Avenue
  • Some units have been updated with laminate wood flooring, new kitchen cabinets, granite kitchen countertops, tiled bathroom, and private balcony
  • Recently replaced roof


EXECUTIVE SUMMARY

The Growth Investment Group is proud to offer LINDEN APARTMENTS – 1135 Linden Ave, a prominent 16-unit apartment investment located in the highly desirable City of Glendale, CA.

The property is strategically situated near luxurious amenities, dining, and upscale shopping at the Glendale Galleria and Americana at Brand, and just a few miles northeast of Hollywood, known as the “Media Capital of the World” and Burbank, home to Walt Disney and Warner Bros. Studios. It is minutes to the largest Ikea in the world, Burbank Bob Hope Airport, Home Depot, Kaiser Permanente Medical Center, Department of Motor Vehicles, Costco Wholesale, and two major shopping centers.

The landmark Burbank Town Center, offers more than 170 retail stores, restaurants, and entertainment venues, including Macy’s, Sears, Bed Bath & Beyond, Barnes & Noble, and AMC Theatres where surface lots and garage parking is free.  The Burbank Empire Center is one Los Angeles’ largest grossing shopping centers, featuring Walmart, Target, Nordstrom Rack, Best Buy, Lowe’s, Outback Steakhouse, Olive Garden, and many more.

 

This prime Value-Add opportunity is perfect for an experienced value-add investor looking to acquire a superbly located apartment property and maximize its income potential.  This property has been under the same ownership since 1994.  The units are currently leased to long-time tenants on a month-to-month agreement below market rents.  The property is NOT subject to rent control and presents an excellent upside rental potential for a savvy investor to capture.

The property is two-story apartment community with gated on-ground parking and secured entrance. It was built in 1987 and has many amenities newer building offers such as central A/C, fire alarm and intercom system. It is situated on a quiet, palm tree-lined, residential street surrounded by other condominium and townhome communities.  It offers a superb unit mix of (12) 2 bed + 2 bath units, (1) 2 bed + 1 bath unit, and (1) 1 bed + 1 bath unit with a total of 28 parking spaces and wall-mounted storage.  It is situated on a lot size of 13,429 SF with a total building size of 14,587 SF.  Each unit is separately metered for electricity and gas, and laundry areas on each floor.  The property has been well maintained throughout current ownership with no known deferred maintenance.  Some of the most recent capital improvements are new roof (2-3 years old). Each unit has a spacious layout and some units have been updated with laminate wood flooring, granite or quartz kitchen countertops, refreshed kitchen cabinets, and tiled bathroom.

Location Amenities and Access

The Linden Avenue apartment is located in the prestigious city of Glendale, near Burbank, above Glenoaks Boulevard. Glendale is Los Angeles County’s third largest city, with a population approaching 210,000.  It offers excellent access to two major freeways in the area (5 FWY and 2 FWY) providing superb access to other parts of Greater Los Angeles area.  It is located within the sought after Glendale Unified School District for Balboa Elementary, Toll Middle School, and Herbert Hoover High School, known for their Scholastic Bowl Championship awards. The property is located approximately nine miles north of downtown Los Angeles and close to freeways that offer quick access to business, recreational and other locations throughout Southern California.

Glendale is a progressive community that offers the best in urban-suburban living and is an optimal location for successful businesses large and small. Widely respected for its well-managed municipal government, police and fire protection, excellent schools and medical centers, Glendale is one of Southern California’s retail shopping destinations, along with centers for banking/investments and entertainment. With an ideal climate and picturesque setting, it’s no secret why Glendale is called the “Jewel City.”  In 2014, Glendale was named the ninth-safest city in America according to a report published by 24/7 Wall Street.  Also in 2014, real estate company, Movoto, utilized FBI crime data to conduct a study and concluded that Glendale is the safest mid-sized city in America. 


Due Diligence


Broker Contact

Han Widjaja-Chen
Direct: 626.594.4900
han.chen@growthinvestmentgroup.com

Justin McCardle
Direct: (909) 486-2069
justin@growthinvestmentgroup.com

Jeanelle Mountford
Direct: 626.898.9710
jmountford@growthinvestmentgroup.com

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Office:
999 S. San Gabriel Blvd.
San Gabriel, CA 91776
Phone: 626.594.4901
Fax: 626.316.7552
Email: properties@GrowthInvestmentGroup.com
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