Exclusive Listings

6 units Value Add near Americana at Brand

Address:
244 N Kenwood St
Glendale, CA 91206
Price:
$2,490,000
Status:
Available
Type:
Apartment
# Units:
6
Year Built:
1922
Building Size:
5,104SF
Lot Size:
7,527SF
CAP Rate:
3.03%
GRM:
20.51x
Price/Unit:
$415,000
Price/SqFt:
$488

INVESTMENT HIGHLIGHTS         

  • Superior location on North Kenwood Street; two blocks away from Brand Blvd and within walking distance to 24 Hour Fitness, Porto’s Bakery, Nordstrom Rack, the Post Office, Raffi’s Place, Starbucks, and much more
  • Extremely high Walkability Score of 94, based on www.walkscore.com; considered a “Walker’s Paradise” due to its proximity to a plethora of amenities
  • Located close to many public transits stops and great access to FWY 134
  • Perfect opportunity for an owner-users who plan to occupy the front unit or apartment investor due to its superior location and upgrades
  • Partially turn-key property with minimum maintenance requirements with upside potentials on remaining non-upgraded 4 units; Highest allowed rent increases

 

PROPERTY HIGHLIGHTS

  • Excellent curb appeal, pride of ownership building
  • Large and charming units with good layout
  • Charming building with a serene garden and beautiful buildings surrounding the property
  • Perfect lot size of 7,527 SF for relaxed maintenance
  • Property has been impeccably maintained and offers a turn-key pride of ownership opportunity for buyer
  • Two units have been extensively upgraded with luxury amenities and in-unit laundry
  • Separately metered for electricity and gas, individual water heater in each unit
  • Five covered parking garages in the back; Zero soft story retrofit
  • High density (R4) zoning

EXECUTIVE SUMMARY

The Growth Investment Group is proud to offer 244 N Kenwood Street, a charming pride-of-ownership 6-unit multifamily investment located in the highly desirable city of Glendale, California. This spectacular opportunity is perfect for an owner-user investor or an investor looking to acquire a superbly located apartment property.

The property is located on a serene and highly convenient street that is surrounded by lush trees, beautiful residential homes, and apartments. The property is considered a “Walker’s Paradise” with a near perfect Walkability Score of 94 according to www.walkscore.com. Located just a few minutes’ walk away is Brand Boulevard and all the easily accessible amenities that it offers.

The property consists of a two-story building with four LARGE 1bedroom+1bathroom, and a back duplex consisting single story with 2 x 1bedroom+1bathroom. It has a 5,104 SF building size on a 7,527 SF lot size. There is a common outdoor seating area between the 2 buildings. Built in 1922, the property has been impeccably maintained and offers a turn-key pride of ownership opportunity for its future owner. The building has been refaced with new bold exterior paint, refreshed landscaping, and cleaned up common area.

The four units in front building has a charming layout and amenities such as coved/curved ceiling, original hardwood floor, built-in cabinets, walk-in closets and much more. These 4 units have large family room that can be easily converted into a 2nd bedroom. Two units in the front building have been beautifully upgraded with new paint, new kitchen (new cabinets, quartz countertops, stainless steel appliances, farm kitchen sink, dishwasher), stacked-up laundry machine, new bathroom (tiled flooring and tiled bathroom wall, new bathtub, new bathroom vanity and mirror), new mini split a/c & heating system, and new lighting throughout. The 2 units that have been upgraded are getting close to market rent, leaving the remaining 4 non-upgraded units with significant upside potential for the new owner. Parking is provided by 5 attached parking garages in the back. Each unit is individually metered for electricity and gas and has individual water heater. The property has a R4 (high-density) zoning.

LOCATION AMENITIES AND ACCESS

The property is in the prestigious city of Glendale with all 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. Also 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 all of America.

The property is situated on North Kenwood Street and is only two blocks away from Brand Blvd. Located within walking distance are amenities such as 24-Hour Fitness, FedEx Print & Ship Center, world renowned Porto’s Bakery, Bank of America, Raffi’s Place, Olive Garden, the US Post Office, the Glendale Police Department, and many more shops and eateries. Just a few minutes’ drive down the street is the Glendale Galleria as well as The Americana at Brand with all the conveniences that each have to offer. These include numerous fine dining establishments, 2 Apple Stores, In-N-Out Burger, Starbucks, upscale clothing stores, and much more.

 




Due Diligence


Broker Contact

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

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