Exclusive Listings

3.82% ACTUAL CAP ˑ Built in 1987 ˑ 20-Unit Apartment in Glendale, near Burbank!

Address:
1060 Raymond Ave
Glendale, CA 91201
Price:
$8,100,000
Status:
Available
Type:
Apartment
# Units:
20
Year Built:
1987
Building Size:
16,169
Lot Size:
14,837
CAP Rate:
3.82%
GRM:
18.29x
Price/Unit:
$405,000
Price/SqFt:

INVESTMENT HIGHLIGHTS

  • Outstanding location in the city of Glendale, bordering Burbank and within walking distance to Burbank Downtown and Ikea Burbank
  • First time for sale since 2003; value-add opportunity with many MTM tenancy
  • Highest allowable rent increases under CA AB1482 (5% + CPI)
  • 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 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

PROPERTY HIGHLIGHTS

  • Gate-community apartment constructed in 1987 (copper plumbing, central A/C, etc.)
  • Excellent unit mix with mostly 2-bedroom units
  • Side-by-side gated, underground parking with a total of 24 parking spaces
  • ZERO ELECTRIC BILL! Solar panels installed – owner receives credit from the electric company!
  • Each unit is equipped with individual water heaters and central A/C & heating
  • Refreshed bathrooms and kitchen vanities, stainless steel sinks, updated appliances, updated tile, and laminate wood flooring
  • Recently replaced roof and air conditioning units
  • Well-maintained property with no known deferred maintenance
  • Other cost-efficient features such as “electric eye”, newer polyurethane roof, dual-pane windows, individual water heaters, 1.5 GPF plumbing, and recently installed 600-gallon solar water central heating system (a $30,000 upgrade)


EXECUTIVE SUMMARY

The Growth Investment Group is proud to exclusively present 1060 Raymond Avenue, a 20-unit apartment located in the highly desirable city of Glendale, bordered by the City of Burbank. The property offers superb location with access to many amenities, within walking distance to IKEA Burbank, Burbank Downtown, many shopping centers, close to schools, parks, local and national retailers, dining and upscale shopping, entertainment, and easy access to freeways (5 FWY and 134 FWY). The property has been in the same ownership since 2003 and most of the tenants are long-time tenants that are on month-to-month lease. This provides significant upside potential to add value by increasing rent and return.

1060 Elm is a beautifully maintained garden style apartment community built in 1987. Due to its newer construction, it offers many desirable amenities such as gated, subterranean parking, secured entrance, central A/C and heating in each unit, copper piping, and much more. It is situated on a quiet residential street surrounded by other a single-family and condominium communities. It offers a superb unit mix of (1) 3 bed + 2 bath unit, (11) 2 bed + 2 bath units, (7) 1 bed + 1 bath units, and (1) Studio unit with a total of 24 gated parking spaces on a large lot size of ±14,837 SF with a total building size of ±16,169 SF.

The property has an excellent curb appeal and 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 – seller receive credit from electric provider), “electric eye”, 600-gallon solar water central heating system (±$30,000 upgrade – buyer to verify), newer polyurethane roof, dual-pane windows, new air conditioning units, on-site laundry (machines owned), central A/C and heating, and individual water heaters in each unit.

Each unit offers a generous layout, recessed lighting, central A/C and heating, updated appliances with granite kitchen countertops, shaker style cabinets, and stainless-steel kitchen appliances, tile and laminate wood flooring, and refreshed bathroom vanities. Most units have private patio or balcony. The property offers a single level gated subterranean parking garage. It has 24 parking spaces.

The Raymond Apartments’ strong unit mix and excellent location is perfect for an investor seeking growth, stability, and a hedge against inflation. 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.

Marketing Files


Due Diligence


Broker Contact

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

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


Office:
999 S. San Gabriel Blvd.
San Gabriel, CA 91776
Phone: 626.594.4901
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