1502 BroadwayGlendale, CA 91205

Property Details for 1502 Broadway

Year built

1954

Construction

WOOD

Lot size

0.35 AC

Property size (Sq ft)

7,598 SF

Zone code

GLR4YY

Property type

Apartment buildings

APN

5680-025-011

APU

5680025011

Description

This exceptional investment opportunity presents a 32-unit multifamily portfolio in Glendale, CA's desirable Citrus Grove neighborhood. The portfolio comprises two sixteen-unit apartment buildings situated on separate parcels at 1502 E. Broadway and 121 Maynard St. Offered for sale for the first time in almost two decades, this property presents a compelling chance to acquire a well-established asset with significant upside potential. Currently boasting a 26%+ rental upside, the portfolio features two vacant units ready for immediate income generation. Built in 1954, each building houses sixteen one-bedroom, one-bathroom units averaging nearly 500 square feet. Many units have undergone renovations during the current ownership. On-site laundry facilities are available at both locations, and all units have individual gas, electric, and hot water meters. Ample parking is provided, with twenty spaces at 1502 E. Broadway and twelve spaces plus twelve storage units at 121 Maynard St. An additional owner's storage shed is located at the rear of 121 Maynard St. Both properties are zoned R2250, offering flexibility for future development. The total land area encompasses 0.35 acres, and the combined building size is 7,598 square feet. This portfolio represents a rare opportunity to acquire a substantial multifamily investment in a thriving Glendale location. The asking price is $9,000,000.

• CAP approach

  CAP return

  Valuation

  6%

  $3,070,766

  6.5%

  $2,834,554

  7%

  $2,632,086

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,239,495

  Geo Method

  $2,239,495

• Alternative Use

  Use

  Valuation

  Residential

  $2,834,554

  Hospitality

  $2,596,436

  Educational

  $2,160,204

  Medical

  $2,234,497

  Retail

  $3,360,318

Location Insight

City

Glendale

County

Los Angeles

State

California

Latitude

34.1456

Longitude

-118.231

CBSA code

31080

CBSA name

LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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