$3,400,000
1157 Justin AVE Glendale, CA 91201
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$3,400,000
Est. payment /mo
14 Beds
11 Baths
7,089 SqFt
UPDATED:
11/12/2024 01:11 PM
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 7,089 sqft
Price per Sqft $479
MLS Listing ID 24460071
Bedrooms 14
HOA Y/N No
Year Built 1963
Lot Size 7,980 Sqft
Property Description
With a unit mix featuring mostly large two-bedroom apartments, the property offers an investor stable cash flow with the opportunity to increase income further by capitalizing on rent upside. Because the building is not subject to Los Angeles Rent Control, a new owner can improve rental income more rapidly via AB 1482. In addition to installing brand new electric subpanels in all units, the current owner has upgraded the vast majority of units to include new granite countertops, new wood laminate flooring, new dual pane windows, and new AC units. Plumbing throughout the building is mostly copper pipes, while the building features a new water heater and new roof insulation as well. An additional income stream is generated via the on-site laundry facilities, which are owned by the landlord. This location features strong tenant demographics, with several major employers nearby in both Glendale and Burbank. Walt Disney Studios, Warner Brothers Studios, Walt Disney Imagineering, and Dreamworks Animation are all within a short distance. The Los Angeles Zoo, Griffith Park, Universal Studios, and the Los Angeles Equestrian Center are all situated near the property as well. The high-end Americana at Brand and the remodeled Glendale Galleria are both a short drive from the property, as are the Burbank Town Center and Burbank Empire Shopping Center. The largest IKEA store in North America sits within blocks of the property, as do Trader Joe's, Ralphs, CVS, The Home Depot, and Smart & Final.
Location
State CA
County Los Angeles
Area 626 - Glendale-Northwest
Zoning GLR4YY
Interior
Fireplace No
Exterior
Garage Assigned, Carport
Parking Type Assigned, Carport
Building
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 5623012005
Special Listing Condition Standard
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Listed by Roderick 'Rick' Raymundo • Marcus & Millichap
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Adrian Castillo
Principal/Realtor | CA DRE#01308935
Principal/Realtor CA DRE#01308935