INVESTMENT HIGHLIGHTS
- Walk score 90 - “Walker’s Paradise”
- 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
- Prime value-add opportunity with excellent rental upside potential!
- Long-time owner since 1975
- Located close to many public transits stops and convenient access to FWY 134 and FWY 2
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; Tankless water heaters
- Excellent unit mix of large 2-bedroom+2-bathroom and large 1-bedroom units
- Ample parking: 105 parking spaces total where only 92 spaces are needed
- Each unit has gas central A/C and heating, fire sprinklers, fireplace, dishwasher, stove, garbage disposal, solid wood kitchen cabinetry
- Under-utilized common courtyard area with a closed-off in-ground Jacuzzi
EXECUTIVE SUMMARY
The Growth Investment Group is proud to offer CEDAR REGENCY, an 80-unit value-add apartment community located in an excellent location in Glendale, California. The property has been under the same ownership since 1975. 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 90 out of 100.
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 with intercom, 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) large 2 bed + 2 bath units and sixty-eight (68) large 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. 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.”