Exclusive Listings

Upgraded 40-Units Luxury Apartment in north Glendale

Address:
401-403 W Glenoaks Blvd.
Glendale, CA 91202
Price:
$11,690,000
Status:
Available
Type:
Apartment
# Units:
40
Year Built:
1956
Building Size:
16,620 SF
Lot Size:
31,005 SF
CAP Rate:
3.70%
GRM:
15.80x
Price/Unit:
$292,000
Price/SqFt:
N/A

INVESTMENT HIGHLIGHTS

  • Superb location in north Glendale with an average household income ±$83,000 within a mile radius
  • Great location between Pacific Ave and Central Ave, less than a mile from Glendale Central Business District;
  • NON-rent-control semi-stabilized asset suitable for a 1031 exchange buyer or a long-term investor
  • “RENT-CONTROL PROOF” unit mix; Very advantageous unit mix to avoid lifetime tenants
  • HIGH walk score of 85 with excellent access to many amenities the City of Glendale has to offer
  • SEMI-value add deal with major systems have been upgraded and rental upside potential can be realized without extensive capital expenditures
  • Attractive Actual CAP Rate with high Proforma CAP Rate
  • Current rents are below market and opportunities to add value by fully upgrading the remaining 30-units
  • Minutes away from Glendale Galleria, Americana at Brand, and within walking distance to many retailers in north Glendale (Trader Joe’s, Equinox, Hilton, Embassy Suites, etc.)
  • Excellent access to FWY 134, FWY 5, and FWY 2

PROPERTY HIGHLIGHTS

  • Upgraded luxury apartment community with extensive renovation completed and no known deferred maintenance
  • Extensively renovated in the past 4 years; Maximize income potential without spending extra capital
  • Abundant amenities with swimming pool, sundeck, secured entrance with intercom, security cameras, barbecue area, shared laundry rooms, bike rack, quiet and tranquil center courtyard, and much more!
  • Large lot size with ample open parking spaces; Property does not require any soft-story retrofit!
  • Low vacancy history property with easy to rent units due to its superb location, condition, and low price point
  • Opportunity to complete the renovation in original (4-units) and partially upgraded (26-units) units
  • Proven built-in rent comparable for upgraded units
  • Low vacancy history property with easy to rent units due to its superb location and condition
  • Each unit is separately metered for electricity and have split HVAC system, double pane windows, upgraded flooring, upgraded kitchen, upgraded bathroom, dishwasher, disposal, stainless-steel appliance, custom designer paint, cable ready, and much more (4-units have not been upgraded)
  • Many tenants are on month-to-month leases

 

 LIST OF UPGRADES

  • All New Electrical Wiring
  • New Breakers in each Unit
  • New Windows Throughout
  • New Paver in Interior Courtyards
  • 36-units have been upgraded (new kitchen, new bathroom, new flooring, new A/C, new ceiling fans, new entry door, etc.)
  • New A/C and Heat Pumps
  • New Glass Entrance Doors with Intercom System
  • New Fencing around Pool Area
  • New fencing throughout
  • New Garbage Enclosure
  • New Front Face of Building
  • New Gutters
  • New Exterior Paint
  • New Exterior Lighting
  • New Landscaping throughout
  • New building signage
  • Security camera installed throughout common area
  • New Outdoor BBQ Grills
  • New swimming pool Coating
  • New Modern Sundeck Furniture
  • New LED Lights in Common Areas (Energy efficient, potential lower electricity cost)
  • New hanging garden lighting fixtures in the courtyard area


EXECUTIVE SUMMARY

The Growth Investment Group is proud to present PACIFICA - a 40-unit upgraded apartment community in the highly-desirable City of Glendale, California. This offering presents opportunity for 1031 exchange buyers or long-term investors to acquire a stabilized and extensively upgraded property with rental upside potential in a mature and strong location.

The property is a two-story garden style apartment that was built in 1956 and has undergone extensive renovations in the past 5 years. The electrical system was upgraded from master meter system to individual meter for each unit. The landscaping has been completely redone and transformed into a tranquil setting with brick pavers and palm trees complete with outdoor seating area (modern-style patio furniture) and hanging garden lighting fixtures. Other major upgrades include copper plumbing, double pane windows throughout, new staircase deck and railings, completely refurbished pool area, new doors for upgraded unit, each windows A/C and wall heater has been replaced with new ductless split HVAC for upgraded unit, new fencing around pool area, new bike racks, and LED lighting fixtures for common area.

The property is comprised of two buildings with center courtyard and situated on a large 31,005 square feet lot size. It offers “rent-control proof” unit mix of eight (8) x 1 bedroom + 1 bathroom and thirty-two (32) x studio units. It has many amenities such as an enclosed/private pool area with a sundeck, barbecue area in the back, bike rack, security cameras, intercom and gated entrance, and two laundry facilities. It has 42 assigned open spaces parking in the front. The 2 extra parking spaces could be rented out for additional parking income. Each unit is separately metered for electricity.

Upgraded units have been either partially or completely upgraded with luxury vinyl-plank flooring, quartz countertop kitchens and new modern-style kitchen cabinets, stainless-steel appliances, upgraded bathrooms with contemporary design, new custom interior paint, designer lighting fixture/ceiling fans in the living room and much more. Some units are furnished with in-wall Murphy bed, and furniture.

Upgraded units demonstrate a proven built-in rental comparable. Investors can capitalize on the rental upside opportunity to achieve even higher rents by renovating the 4 units that are still in original condition and complete the renovation for the 26 partially upgraded units. Other potential renovation ideas include adding covered parking, and installing in-unit washer/dryer, USB outlet, and tile backsplashes in all units.

 

LOCATION AND ACCESS

The property is in the highly desirable location north of FWY 134, between Pacific Blvd and Central Blvd. It has a high walkability score of 85 due to its close proximity to many small retail stores in the areas and easy access to public transportation. It is within walking distance to many well-known brands such as Trader Joe’s, Equinox, Hilton, Sheraton, and the property is located less than a mile to Glendale Downtown/central business district. It is located ±1-1/2 mile away from The Glendale Galleria and The Americana. Due to its superb location, tenants enjoy the tranquility of north Glendale with excellent access to all amenities the City of Glendale has to offer. The property has superb access to FWY 134, FWY 5, and FWY 2.

Downtown Glendale has seen tremendous growth and residents have a complete range of lifestyle options that covers arts & entertainment, dining & shopping, living, and bars & nightlife. This tremendous growth has spurred many recently completed luxury apartment communities, such as The Brand, The Harrison, ONYX, AMLI Lex on Orange, Altana Glendale, Modera Glendale, and many more.

Glendale is nestled between the San Gabriel Mountains and Downtown Los Angeles, giving it a perfect balance of city excitement and natural getaways. Residents have become quite fond of their town and love its rich past, as well as its promising future.

Glendale is considered one of the ten safest cities (pop 100K-500K) in the United States. Glendale's safety is a result of the city's focus on education, community involvement, and superior quality of life. Exceptional police responsiveness and crime protection has resulted in consistently ranking in the FBI Crime Statistics' top 10 cities in the country.

 

Community Amenities

  • Secured entrance/gated
  • Security system in the common area
  • Leasing office
  • Swimming pool
  • Sundeck
  • Barbeque area
  • Outdoor seating area
  • Bike rack
  • Laundry facility

Apartment Amenities

  • Ductless split A/C system
  • luxury vinyl plank flooring throughout
  • Quartz kitchen countertops
  • Stainless steel appliances
  • Parking Included
  • Intercom system
  • Sound Proof Windows throughout
  • Cable Ready
  • Custom designer paint
  • Dishwasher
  • Disposal
  • Electronic Thermostat
  • Window Coverings
  • Smooth ceiling and designer lighting fixtures in most units
  • Updated tiled bathroom and vanity cabinets

Due Diligence


Broker Contact

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


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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