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Listing Details

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School Ratings & Info

Description

1060 Elm Avenue, a value-add 21-unit apartment located in the highly desirable city of Glendale, bordered by the City of Burbank. The property offers superb location 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 property has been in the same ownership since 2003 and most of the tenants are long-time tenants that are on month-to-month lease. This provides significant upside potential to add value by increasing rent and return.The property is a two-story garden style apartment community with gated, subterranean parking and secured entrance. It has an excellent curb appeal with nicely maintained center courtyard. It is situated on a residential street surrounded by other a single-family and condominium communities (across the street from a newly built modern, high-end condominiums). Built in 1977, it offers a superb unit mix of (1) 3 bed + 2 bath unit, (4) 2 bed + 2 bath units, (15) 1 bed + 1 bath units, and (1) Studio unit (non-conforming) with a total of 31 gated parking spaces on a lot size of 15,532 SF with a total building size of 15, 110 SF. The property has been well maintained throughout current ownership with recently incorporated cost-efficient features such as, electricity generating solar system (zero electric bill owner gets credit from electric provider), "electric eye, 600-gallon solar water central heating system (a $30,000 upgrade), newer polyurethane roof, dual-pane windows, many new air conditioning units, on-site laundry (machines owned), and 1.5 GPF plumbing. Each unit has a spacious layout, updated appliances with stainless steel sinks, tile and laminate wood flooring, and refreshed vanities, countertops and cabinetry.The Elm Apartments strong unit mix and excellent location is perfect for an investor seeking growth, stability, and a hedge against inflation. This property has been under the same ownership since 2003. 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 (annual rent increase is 5%+CPI) and the Glendale Rent Ordinance.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2021-09-19T19:26:05.713. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Wendy Rich-Soto and Associates | Keller Williams Realty, South Bay. Licensed in the State of California, USA.
www.sellinglasouthbay.com/homes/119040787
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1060 Elm Avenue Glendale, CA 91201

  • Price: $7,570,000
  • Status: Active
  • Updated: 52 min ago
  • ID#: AR21147178
0
Beds
0
Baths
0
½ Baths
0.36
Acres
1977
Built
Neighborhood:
626 - Glendale-Northwest
County:
Los Angeles
Area:
626 - Glendale-Northwest
Property Description
1060 Elm Avenue, a value-add 21-unit apartment located in the highly desirable city of Glendale, bordered by the City of Burbank. The property offers superb location 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 property has been in the same ownership since 2003 and most of the tenants are long-time tenants that are on month-to-month lease. This provides significant upside potential to add value by increasing rent and return.The property is a two-story garden style apartment community with gated, subterranean parking and secured entrance. It has an excellent curb appeal with nicely maintained center courtyard. It is situated on a residential street surrounded by other a single-family and condominium communities (across the street from a newly built modern, high-end condominiums). Built in 1977, it offers a superb unit mix of (1) 3 bed + 2 bath unit, (4) 2 bed + 2 bath units, (15) 1 bed + 1 bath units, and (1) Studio unit (non-conforming) with a total of 31 gated parking spaces on a lot size of 15,532 SF with a total building size of 15, 110 SF. The property has been well maintained throughout current ownership with recently incorporated cost-efficient features such as, electricity generating solar system (zero electric bill owner gets credit from electric provider), "electric eye, 600-gallon solar water central heating system (a $30,000 upgrade), newer polyurethane roof, dual-pane windows, many new air conditioning units, on-site laundry (machines owned), and 1.5 GPF plumbing. Each unit has a spacious layout, updated appliances with stainless steel sinks, tile and laminate wood flooring, and refreshed vanities, countertops and cabinetry.The Elm Apartments strong unit mix and excellent location is perfect for an investor seeking growth, stability, and a hedge against inflation. This property has been under the same ownership since 2003. 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 (annual rent increase is 5%+CPI) and the Glendale Rent Ordinance.
Exterior Features

Lot Features LevelNear Public TransitRectangular Lot Number Of Separate Electric Meters 21 Parking Features Covered Parking Total 31 Pool Features None Pool Private YN No Property Attached YN Yes Spa Features None Spa YN No

Interior Features

Common Walls 2+ Common Walls Cooling Wall/Window Unit(S) Cooling YN Yes Fireplace Features None Fireplace YN No Heating Wall Furnace Heating YN Yes

Property Features

Additional Parcels YN No Association Fee 0 Association YN No Cap Rate 4.18 Common Interest Community Apartment Community Features Suburban Contingency Seller's 1031 Exchange Electric Standard Garage YN Yes Gross Income 0 Gross Scheduled Income 0 Insurance Expense 0 Land Lease YN No Laundry Features Common Area Levels Two Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash To New Loan Net Operating Income 0 New Construction YN No Number Of Separate Gas Meters 21 Number Of Separate Water Meters 1 Number Of Units Leased 21 Operating Expense 0 Property Sub Type Apartment Rent Control YN No Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Tenant Pays ElectricityGas Total Actual Rent 0 Trash Expense 0 Utilities Cable AvailableElectricity ConnectedNatural Gas ConnectedPhone AvailableSewer ConnectedWater Connected Water Sewer Expense 0 Water Source Public Zoning Glr4*

Listing provided courtesy of Handoko Chen of Gig Real Estate Inc. and Jeanelle Mountford of Gig Real Estate Inc.


Based on information from California Regional Multiple Listing Service, Inc. as of 2021-09-19T19:26:05.713. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Wendy Rich-Soto and Associates | Keller Williams Realty, South Bay. Licensed in the State of California, USA.
 
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Wendy Rich-Soto and Associates | Keller Williams Realty, South Bay
23670 Hawthorne Blvd. #100
Torrance CA, 90505