INVESTMENT HIGHLIGHTS
- First Time for Sale Since 1982!
- ±8.50% Proforma CAP Rate (buyer to verify)
- Central Glendale location! Several properties away from Glendale Community College Garfield Campus, and nearby Glendale High School
- Only a mile from Americana at Brand, and minutes to Glendale Galleria!
- Excellent value-add deals with attractive price per unit and Proforma CAP Rate ±8.50%!
- Possibly one of the best value-add deals in Glendale submarket.
- Easy access to FWY 2, FWY 134 and FWY 5
PROPERTY HIGHLIGHTS
- Two properties side by side – each is 10 units – NO On-site manager is required!
- Both properties are on large lots; each lot is ±10.6k SF with R4 zoning. Total combined lots: ±21.3k SF
- Excellent unit mix with 40% are 2bedroom units.
- Under Glendale Rent Ordinance, Higher Allowable rent increases vs City of Los Angeles
- Each unit has an individual water heater and separately metered for electricity and gas.
- Major CAPEX: Electrical panels and subpanels are being upgraded (±$200,000 in 2024 – 400Amps)
- Carports parking, NO parking soft story retrofit is required.
EXECUTIVE SUMMARY
Growth Investment Group California is proud to offer 715 and 721 E Garfield Ave, a 20-unit (2 x 10-unit) apartment in the City of Glendale, California. This offering presents a rare opportunity for investors to acquire a strategically located apartment in the heart of the City of Glendale, CA. This property is located down the street from Glendale Community College Garfield Campus and just minutes away from Americana at Brand, Glendale Galleria, and Glendale High School. This is the first time these properties have been offered for sale since 1982.
The 2 properties were built in 1951 and situated side by side with shared center walkway and its own driveway. Both buildings have a combined total of ±15,772 SF and are situated on a combined ±21,370 SF Lot size (High Density Zoning – R4). The zoning would allow a total of 24-units on these 2 lots which translates to a clear ADUs potential.
It offers a good unit mix of eight (8) x 2bed+1bath (4 in each building), and twelve (12) x 1bed+1bath (6 in each building) units. Each unit has an individual water heater, an excellent and spacious layout, and separately metered for electricity and gas. Parking is provided by a total of 10 parking spaces at the back (5 spaces per building). Most of the tenants are on month-to-month agreement and some are due for rent increases. The City of Glendale RSO allows much higher rent increases annually based on AB1482 and Glendale’s ordinance (Buyer to verify). There is a shared laundry room for both buildings (laundry leased). The seller is in the process of upgrading all the electrical panels and subpanels which is estimated at ±$200,000 in total upgrades (panels will have 400Amps).
LOCATION AMENITIES AND ACCESS
The property is in central Glendale and just down the street from Glendale Community College and approximately a mile from Americana at Brand and Glendale Galleria. It offers easy access to several major freeways (FWY 2, FW 134, and FWY 5).
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.
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.