Exclusive Listings

4.08% ACTUAL CAP ˑ 1987 8-Unit Apartment in Glendale, near Burbank!

Address:
1021 Justin Ave
Glendale, CA 91201
Price:
$3,120,000
Status:
Available
Type:
Apartment
# Units:
8
Year Built:
1987
Building Size:
6,234 SF
Lot Size:
7,380 SF
CAP Rate:
4.08%
GRM:
17.43x
Price/Unit:
$390,000
Price/SqFt:
$500

PROPERTY HIGHLIGHTS
• Built in 1987
• Side-by-side gated, underground parking with a total of 11
  parking spaces
• Well-maintained property with no known deferred maintenance
• Each unit is equipped with individual water heater and central A/C
• Refreshed bathrooms and kitchen vanities, stainless steel sinks,
updated appliances, updated tile and laminate wood flooring
• Recently replaced roof and air conditioning units
• Cost-efficient features such as, electricity generating solar
  system (zero electric bill), “electric eye”, newer polyurethane
  roof, dual-pane windows, individual water heaters, and 1.5 GPF
  plumbing

INVESTMENT HIGHLIGHTS
• Outstanding location in the city of Glendale, near Burbank
• First time for sale since 1997! TRUE VALUE ADD OPPORTUNITY
• Excellent demographics with ±$89,198 average household
  incomes
• High CAP rate and historically low vacancy
• Easy to maintain property as-is, yet provides upside potential
  making this as a truly pride-of-ownership apartment
• Easy access to the 5 FWY, 134 FWY, and Downtown Los Angeles
• Located within the highly desirable Glendale Unified School
  District
• Located in a Very Walkable neighborhood with Walk Score of
  85 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



EXECUTIVE SUMMARY

The Growth Investment Group is proud to exclusively present 1021 Justin Avenue, an 8-unit apartment located in the highly desirable city of Glendale, above Glenoaks Boulevard, bordered by the City of Burbank. The property is situated near superb access to nearby amenities, such as schools, parks, local and national retailers, dining and upscale shopping, entertainment, and easy access to freeways (5 FWY and 134 FWY).

The property is a two-story apartment community with gated parking and secured entrance. It is situated on a residential street surrounded by other a single-family and condominium communities. Built in 1987, it offers a superb unit mix of (4) 2 bed + 2 bath units, (4) 1 bed + 1 bath units, with a total of 11 gated parking spaces on a lot size of ±7,380 SF with a total building size of ±6,234 SF. The property has been well maintained throughout current ownership with no known deferred maintenance with recently incorporated cost-efficient features such as, electricity generating solar system (zero electric bill), “electric eye”, newer polyurethane roof, dual-pane windows, new air conditioning units, on-site laundry (machines owned), central A/C, individual water heaters, and 1.5 GPF plumbing. Each unit has a spacious layout, updated appliances with stainless steel sinks, tile and laminate wood flooring, and refreshed vanities, countertops and cabinetry.

Justin Apartments’ strong unit mix and excellent location is perfect for an investor seeking growth, stability, and a hedge against inflation. This property has been under the same ownership since 1997. A new owner will be able to increase rents with minimal capital injection upon vacancy, and further push rents with complete unit renovations. The property is subject to AB 1482 and the Glendale Rent Ordinance.

LOCATION AMENITIES & ACCESS

The Justin Apartments is located in the prestigious city of Glendale, near Burbank, above Glenoaks Boulevard in one of the most solid rental submarkets within the Tri-Cities and the San Fernando Valley. 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 134 FWY), providing access to other parts of Greater Los Angeles area. It is located within the sought after Glendale Unified School District for Thomas Jefferson 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. The property is strategically situated near dining, 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 US, Burbank Bob Hope Airport, Home Depot, Kaiser Permanente Medical Center, Department of Motor Vehicles, Costco Wholesale, Griffith Park, the LA Zoo, 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.

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.

Marketing Files


Due Diligence


Broker Contact

Jeanelle Mountford
Direct: (818) 839-0222
jmountford@growthinvestmentgroup.com

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