Exclusive Listings

The CEDAR REGENCY - PRIME 80-Units Value Add in Class A Location

Address:
310 N Cedar St.
Glendale, CA 91206
Price:
$28,800,000
Status:
Available
Type:
Apartment
# Units:
80
Year Build:
1972
Building Size:
70,632 sf
Lot Size:
26,552 sf
CAP Rate:
2.50%
GRM:
22.93x
Price/Unit:
$360,000
Price/SqFt:
$408

INVESTMENT HIGHLIGHTS          

  • Superior location a block away from Whole Foods Market, Glendale Fashion Center (Nordstrom Rack, Raplhs, TJ Maxx, Marshalls, Cost Plus World Market, Petco, Ross, Wells Fargo, Bank of America, etc.), and within walking distance to Glendale municipal offices (court, city hall, police department)
  • Minutes away from the Americana at Brand, Glendale Galleria and business district on  Brand Blvd, Central Ave, and Pacific Ave
  • Extremely high Walkability Score of 91 out of 100, based on www.walkscore.com; it is considered a “Walker’s Paradise” due to its proximity to a plethora of amenities
  • Prime value-add opportunity with an estimated 55%+ rental upside potential!
  • More than ±90% of the current tenants are long-time tenants who have been residents for more than 2 years; First time being offered for sale since 1975
  • Located close to many public transit stops and convenient access to FWY 134 and FWY 2
  • High barriers to entry submarket with limited inventory and high demand for apartments for sale
  • Multiple potential strategies to add value in addition to modernizing units, such as implementing RUBS program, renting out extra parking spaces, adding storage units in the garage space, adding rooftop amenities (lounge, dog run, fire pit area, etc.)
  • Seller MAY CARRY 1st Trust Deed (Buyer to propose LTV and Terms)!
  • Conveniently located less than a mile away from R.D. White Elementary School and Woodrow Wilson Middle School and two miles from Glendale Community College

PROPERTY HIGHLIGHTS:

  • Built in 1972 with newer amenities such as elevators, subterranean parking, sprinkler system, controlled access/secured entry, and central A/C and heating
  • Separately metered for electricity and gas
  • Excellent unit mix of all 2 bedroom and 1 bedroom units
  • Ample parking: 105 parking spaces total where only 92 spaces are needed (2 spaces for 2 bedroom unit and 1 space for 1 bedroom unit), and 2 additional unmarked spaces
  • Each unit has gas central A/C and heating, fireplace, dishwasher, stove, garbage disposal, solid wood kitchen cabinetry, and mirrored closet doors
  • Under-utilized common courtyard area with a closed-off in-ground Jacuzzi
  • Under-utilized rooftop area that could produce additional amenities and income


EXECUTIVE SUMMARY

The Growth Investment Group is proud to offer CEDAR REGENCY, a prominent 80-unit value-add apartment community located in the highly desirable city of Glendale, California. This spectacular value-add opportunity is perfect for an experienced value-add investor looking to acquire a centrally located apartment property and maximize its income potential. The property has been under the same ownership since 1975 and is the first time being offered for sale.  The units are currently leased to many long-time tenants on a month-to-month agreement at below market rents. Buyer may use multiple strategies to add value in addition to modernizing units, such as implementing RUBS program, renting out extra parking spaces, adding storage units in the garage space, adding rooftop amenities such as lounge, dog run, fire pit area, and possibly a gym. Seller might consider carrying a 1st Trust Deed (buyer to propose LTV and loan terms).

The property is strategically located on the north east corner of Cedar St and California Ave, a block away from Glendale Fashion Center and Whole Foods Market, and within walking distance to City of Glendale municipal offices (city hall, courthouse, police department) on Glendale Blvd. It is minutes away from Glendale College, The Americana at Brand, Glendale Galleria, FWY 134, FWY 2 and almost all amenities the City of Glendale has to offer. Because of this superb location, it has a Walk Score 91 out of 100, demonstrating extremely high “walkability” to a variety of nearby amenities such as restaurants, shops, schools, college, health clubs and entertainment venues.

 

The property is a four story building that was built in 1972 with ±70,632 square feet building size situated on a high density R4 zoning ±26,552 square feet lot. It has many newly constructed building amenities such as 2 elevators, secured entry, fire sprinkler system throughout, 2 levels of subterranean parking, and center playground/barbeque area with a closed off in-ground Jacuzzi. The building has a shared laundry room (seller-owned machines) and a trash chute.

It offers a superb unit mix of twelve (12) 2 bed + 2 bath units and sixty eight (68) 1 bed + 1 bath units. The 2 bedroom units are ranging from ±924 - ±1,158 square feet, and 1 bedroom units are ranging from ±629 - ±770 square feet. Each unit is separately metered for electricity and gas, equipped with central A/C and heating, dishwasher, stove, garbage disposal, solid wood kitchen cabinets, plenty of linen closets, and fire sprinkler. Each unit has a non-working gas fireplace (master gas was turned-off about 20-years ago) and all the exterior units have views of Glendale area. Some units have an upgraded copper pipe plumbing (buyer to verify during inspection).

Parking is provided by 2 levels of subterranean parking. There are a total 105 parking spaces with an entrance on California Ave to access the sublevel parking, and Cedar St to access the ground level parking. Each 2 bedroom unit has 2 assigned parking spaces and each 1 bedroom unit has 1 assigned parking space. There are 2 additional unmarked parking spaces.

LOCATION AMENITIES AND ACCESS

The property is located in the prestigious city of Glendale with all of its luxurious amenities, convenient dining, and upscale shopping. 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 was the safest mid-sized city in America.

The property is situated on North Cedar Street and is only one block away from North Glendale Avenue. It is located within walking distance to amenities such as Whole Foods Market, Glendale Fashion Center (Nordstrom Rack, Raplhs, TJ Maxx, Marshalls, Cost Plus World Market, Petco, Ross, Wells Fargo, Bank of America, etc.), The Coffee Bean, etc. Glendale Galleria and The Americana at Brand are both located within a few minutes’ drive. Both shopping centers include a plethora of fine dining establishments, 2 Apple Stores, In-N-Out Burger, Starbucks, upscale clothing stores, and much more. In addition, R.D. White Elementary School and Woodrow Wilson Middle School are both located less than a mile away from the subject property. Glendale Community College is also conveniently located less than 2 miles away.

Glendale is Los Angeles County’s third largest city, with a population approaching 210,000. It 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.”


Due Diligence


Broker Contact

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

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