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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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Bought with Neema Ahadian • Marcus & Millichap
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Adrian Castillo
Principal/Realtor | CA DRE#01308935
Principal/Realtor CA DRE#01308935