Glendale, CA 91202,559 Glenwood RD
Glendale, CA 91202,559 Glenwood RD
Glendale, CA 91202,559 Glenwood RD
$2,300,000
Est. payment /mo
$2,400,000
4.2%
Est.Price: ?

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13 Beds
7 Baths
6,642 SqFt
SOLD DATE : 06/24/2024

Key Details

Sold Price $2,300,000

Property Type Multi-Family

Listing Status Sold

Purchase Type For Sale

Square Footage 6,642 sqft

Price per Sqft $346

MLS Listing ID 24374047

Sold Date 06/24/24

Bedrooms 13

HOA Y/N No

Year Built 1952

Lot Size 10,506 Sqft

Property Description

559 Glenwood Rd is a seven-unit multifamily property stands out as a rare find in a sought-after residential area, promising both stability and growth potential for investors.Located on the strategic corner of Clement Dr & Glenwood Rd, the property benefits from its proximity to key educational institutions and is nestled in an affluent neighborhood that boasts a high average household income. Its accessibility to Downtown Glendale, major shopping centers like the Glendale Galleria, and essential freeways positions it as an ideal residential choice for a wide range of tenants.The building is currently fully occupied, featuring a mix of one single and six two-bedroom units with six parking garages, each with dedicated parking. Recent rent adjustments have been implemented, affirming the property's strong income generation capability. Despite its well-maintained status, highlighted by quality interior finishes such as hardwood flooring and recessed lighting, the property offers significant upside potential. With most units rented below market rates, strategic upgrades and unit turnovers could lead to an increase in rental income by over 45%.Offered at a competitive price per unit and per square foot, this investment presents a rare opportunity to enter or expand in the Glendale market. The combination of its location, full occupancy, and untapped value-add potential, set against a backdrop of limited market inventory, makes it a compelling choice for those looking to invest in a thriving residential rental market.

Location

State CA

County Los Angeles

Area 626 - Glendale-Northwest

Zoning GLR4YY

Interior

Heating Wall Furnace

Fireplace No

Exterior

Garage Garage

Parking Type Garage

Total Parking Spaces 6

Building

Story 2

Entry Level Two

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 5634013027

Special Listing Condition Standard

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California Regional MLS (CRMLS)
Listed by Neema Ahadian • Marcus & Millichap
Bought with Neema Ahadian • Marcus & Millichap

GET MORE INFORMATION

Adrian Castillo

+1(209) 380-7597

Principal/Realtor | CA DRE#01308935

Principal/Realtor CA DRE#01308935

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