Exclusive Listings

4.18% ACTUAL CAP ˑ Value-Add Deal ˑ 21-Unit Apartment in Glendale, near Burbank!

Address:
1060 Elm Ave
Glendale, CA 910201
Price:
$7,570,000
Status:
Available
Type:
Apartment
# Units:
21
Year Built:
1977
Building Size:
15,110
Lot Size:
15,532
CAP Rate:
4.18%
GRM:
16.82x
Price/Unit:
$360,000
Price/SqFt:

INVESTMENT HIGHLIGHTS

  • Outstanding location in the city of Glendale bordering the city of Burbank; minutes to IKEA Burbank and Downtown 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 ±$82,941 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 81 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

  • Gated-community apartment living constructed in 1977
  • Side-by-side gated, underground parking with a total of 31 parking spaces
  • Large units with excellent layout and value-add potentials
  • ZERO ELECTRIC BILL! Solar panels installed – owner receives a credit from the electric company!
  • Excellent curb appeal with central courtyard
  • Well-maintained property with no known deferred maintenance
  • Cost-efficient features such as electricity-generating solar system (zero electric bill), “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)
  • Refreshed bathrooms and kitchen vanities, stainless steel sinks, updated appliances, updated tile, and laminate wood flooring
  • Recently replaced roof and air conditioning units
  • High occupancy history; building is easy to manage and maintain


EXECUTIVE SUMMARY

The Growth Investment Group is proud to exclusively present 1060 Elm Avenue, a value-add 21-unit apartment located in the highly desirable city of Glendale, bordered by the City of Burbank. The property offers a superb location with access to many amenities, within walking distance to IKEA Burbank, 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 leases. This provides significant upside potential to add value by increasing rent and return.

The property is a two-story garden-style apartment community with gated, subterranean parking and secured entrances. It has an excellent curb appeal with a nicely maintained center courtyard. It is situated on a residential street surrounded by other single-family and condominium communities (across the street from newly built modern, high-end condominiums). Built in 1977, it offers a superb unit mix of (1) 3 bed + 2 bath unit, (4) 2 bed + 2 bath units, (15) 1 bed + 1 bath units, and (1) Studio unit (non-conforming) with a total of 31 gated parking spaces on a lot size of ±15,532 SF with a total building size of ±15, 110 SF.

The property has been well maintained throughout current ownership with recently incorporated cost-efficient features such as, electricity-generating solar system (zero electric bill – the owner receives a credit from electric provider), “electric eye”, 600-gallon solar water central heating system (a $30,000 upgrade), newer polyurethane roof, dual-pane windows, many new air conditioning units, on-site laundry (machines owned), 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.

The Elm 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 2003. 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 (annual rent increase is 5%+CPI) 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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