1227 Central AveGlendale, CA 91204

Property Details for 1227 Central Ave

Year built

1927

Construction

TILT-UP CONCRETE

Lot size

0.65 AC

Property size (Sq ft)

30,896 SF

Zone code

GLC3*

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

5640-006-006

APU

5640006006

Description

This exceptional multifamily investment opportunity presents a remarkable chance to acquire a well-maintained, two-story brick apartment building in Glendale, California's desirable Tropico neighborhood. The property, encompassing approximately 30,896 square feet, comprises 45 units: 3 studios and 42 one-bedroom, one-bathroom apartments, boasting a 97% occupancy rate. Built in 1927 and 1931, the two buildings sit on a sizable 28,167 square foot lot and offer residents a range of amenities including onsite laundry facilities, secure controlled access, a spacious courtyard, and a meticulously maintained swimming pool – a highly desirable feature in Southern California's sunny climate. Individual apartment features include laminate flooring, microwave ovens, and air conditioning. The property's prime location is a key advantage, situated within walking distance of public transit, the Americana and Glendale Galleria malls, and a Von's grocery store. Glendale Memorial Hospital is also conveniently close by. Its proximity to Downtown Glendale (1.7 miles), Burbank, and Pasadena further enhances its appeal. The property is zoned GLC3 and includes 15 parking spaces. This pet-friendly building offers a strong investment opportunity due to its high occupancy, desirable location, and attractive amenities. The asking price is $12,100,000, representing a price per square foot of $391.64 and a price per unit of $268,888.89. This is a net lease investment.

• CAP approach

  CAP return

  Valuation

  6%

  $12,486,759

  6.5%

  $11,526,239

  7%

  $10,702,937

• Comparable approach

  Method

  Valuation

  Relative Method

  $9,106,534

  Geo Method

  $9,106,534

• Alternative Use

  Use

  Valuation

  Residential

  $11,526,239

  Hospitality

  $10,557,973

  Educational

  $8,784,110

  Medical

  $9,086,209

  Retail

  $13,664,171

Location Insight

City

Glendale

County

Los Angeles

State

California

Latitude

34.1312

Longitude

-118.258

CBSA code

31080

CBSA name

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

Property Tax & Assessments

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