- Outstanding location bordering Burbank and within walking distance to Burbank Downtown and Ikea Burbank
- Turnkey, Fully Upgraded apartment units with High/attractive CAP Rate and upside potential.
- Owner spent ±20 months in HEAVY workload of relocating tenants and upgrading the property’s exterior and interior.
- Highest allowable rent increase (AB1482- maximum 10%)
- Excellent demographics with ±$106,786 average household income (1 mile radius)
- WALKSCORE 86 (very walkable)
- Luxury Pride-of-ownership apartment community with ease of maintenance
- Easy access to the 5 FWY, 134 FWY, and Downtown Los Angeles
- Located within the highly desirable Glendale Unified School District
- Perfect 1031 Exchange property
- Luxury Pride-of-ownership turnkey property in an excellent location with great curb appeal
- Excellent unit mix with excellent distributions of large 2bed and 1bed units
- Units are large with excellent layout (1 unit has private balcony)
- Luxury upgrades in each unit complete with in-unit laundry, new kitchen, new bathroom, and much more.
- Well-maintained property with no known deferred maintenance
- Excellent unit mix with large and spacious unit and good unit layout
- Completely renovated in 2021-2023
- Excellent amenities: gated parking, secured entrance, electronic RFI unit locks, fully upgraded units with high-end finishes.
- Top-down renovation have been completed including exterior and interior upgrades.
- Separately metered for electricity and gas, recently replaced master water heater, additional laundry room
PARTIAL LIST OF UPGRADES (Buyer to Verify during due diligence period)
- Relocated 12 low-paying tenants.
- Updated rough mechanical, electrical, and plumbing system (inside the unit)
- New drought tolerant landscaping
- New secured entrance
- Roof Tune-up
- New building façade and signage
- New exterior paint throughout
- NEW HVAC and exhaust system in each unit
- New electrical subpanel
- New flooring throughout
- New double pane windows throughout
- New high-end windows treatment in each unit
- New kitchen with modern shaker style cabinet, new kitchen island or breakfast counter with quartz countertops, new stainless-steel appliances (dishwasher, oven range, refrigerator, kitchen vent hood)
- New laundry machines in each unit
- New bathroom with new tub, tiled wall bathroom, new bathroom vanity cabinet, new bathroom lighting and hardware, new high-end bathroom tile
- New lighting fixtures in each room
- New Keyless entry door lock system
Growth Investment Group California is proud to exclusively present 1063 Justin Ave, a turnkey luxury 12-unit apartment community located in the highly desirable city of Glendale, bordered by the City of Burbank. The property offers one of the HIGHEST CAP Rate in north Glendale and superb location (Walkscore 86) 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 ownership spent significant amount of time (±20 months) and capital in relocating the previous tenants and completely upgraded the exterior and interior of the property, making this a turnkey investment for new owner.
The offering is unique due to its prime location, High CAP Rate, and turnkey conditions. New owner can enjoy high quality location, asset, and good cash flow immediately without the hardships of relocating tenants and managing construction crews.
1063 Justin is a beautifully upgraded and maintained garden style apartment community built in 1963. It is a two-story walkup apartment consisting of 12 units. It offers a beautifully landscaped (drought tolerant) center courtyard common area. It offers a superb unit mix of four (4) LARGE 2 bed + 1 bath units, six (6) spacious 1 bed + 1 bath units, and two (2) Studio units. Each unit one has been fully upgraded with full electrical and plumbing upgrades (plumbing upgrade in unit), new high durability wood vinyl and tile flooring in bathroom, new windows throughout, in-unit combo washer/dryer, state of the art mini-split HVAC systems, new kitchen with quartz kitchen countertop and new kitchen cabinets and stainless-steel kitchen appliances (gas range, dishwasher, and refrigerator), and new bathrooms with new vanities, toilets, bathtubs, and name brand fixtures.
The exterior upgrades include new façade, new exterior paint and signage, new entry gate, completely redone landscaping, updated electrical, and much more! Each unit is large with an excellent layout. One of the 2bedroom unit has a private balcony. The property is separately metered for electricity and gas. The property offers a single level gated parking area with 11 parking spaces. It is serviced by a master water heater and has additional shared laundry room.
Given its excellent real estate fundamentals, complete renovation, and an irreplaceable location, the 1063 Justin Ave is an unparalleled investment for an investor seeking stable risk-adjusted returns, wealth preservation, 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.
Location Amenities and Access
1063 Justin Ave is in the prestigious city of Glendale, near Burbank, just below 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, Downtown Burbank Metrolink Station, Home Depot, Kaiser Permanente Medical Center, Department of Motor Vehicles, Costco Wholesale, Griffith Park, the LA Zoo, and two major shopping centers. The Burbank Town Center and Downtown Burbank, offers more than 170 retail stores, restaurants and dining with lively outdoor patios lining San Fernando Blvd, 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 award-winning 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.