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.”