115 Meda AveGlendora, CA 91741

Property Details for 115 Meda Ave

Year built

1960

Construction

WOOD

Lot size

0.48 AC

Property size (Sq ft)

14,400 SF

Zone code

GDCCAP

Property type

Apartment buildings

APN

8638-006-017

APU

8638006017

Description

This exceptional 20-unit apartment building in Glendora, CA presents a compelling investment opportunity. Situated on a 0.48-acre lot, the 14,400 square foot property boasts a desirable unit mix: fourteen 2-bedroom, 1-bathroom units and six 1-bedroom, 1-bathroom units. Built in 1960, the property features individual electricity meters and water heaters for each unit, enhancing efficiency and tenant satisfaction. Amenities include a lush courtyard, on-site laundry facilities, and 20 carports with storage. Currently generating a Net Operating Income (NOI) of $224,758, with a projected Pro-Forma NOI of $329,606, this property offers a 3.82% cap rate and significant upside potential. The asking price is $5,880,000. Located adjacent to Glendora Village, the property benefits from a walkable location near numerous retail, dining, and entertainment options. The area boasts strong demographics, with an average household income exceeding $113,000 within a one-mile radius. Glendora's absence of rent control allows for maximizing returns through rent increases under California AB1482. Further income growth potential exists through the addition of accessory dwelling units (ADUs), subject to buyer verification. This property offers a rare chance to acquire a well-located, value-add multifamily asset with substantial cash flow potential and appreciation prospects. The property's APN is 8638-006-017.

• CAP approach

  CAP return

  Valuation

  6%

  $4,784,672

  6.5%

  $4,416,620

  7%

  $4,101,148

• Comparable approach

  Method

  Valuation

  Relative Method

  $4,226,698

  Geo Method

  $4,244,371

• Alternative Use

  Use

  Valuation

  Residential

  $4,416,620

  Hospitality

  $4,045,601

  Educational

  $3,365,892

  Medical

  $3,481,650

  Retail

  $5,235,832

Location Insight

City

Glendora

County

Los Angeles

State

California

Latitude

34.1388

Longitude

-117.865

CBSA code

31080

CBSA name

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

Property Tax & Assessments

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