1063 Justin AVE Glendale, CA 91201
Active
$5,600,000
12 Units
3 Beds
3 Baths
n/a Area(sq.ft.)
7,324 Lot Size(sq.ft.)
| Type | # of Units | Bedroom | Bath | Furnished | Rent | Actual Rent | Projected Rent |
|---|---|---|---|---|---|---|---|
| Unit 1 | 4 | 2 | 1 | No | $ 3,100 | $ 12,400 | $ 13,200 |
| Unit 2 | 6 | 1 | 1 | No | $ 2,450 | $ 14,700 | $ 15,600 |
| Unit 3 | 2 | studio | 1 | No | $ 2,000 | $ 4,000 | $ 4,200 |
| 3 | 12 | 14 | 12 | $ 31,100 | $ 145,800 | $ 154,800 |
| MLS #: | AR23186957MR |
| Days On Market: | 151 |
| County: | Los Angeles |
| Property Type: | Residential Income |
| Price per unit: | $ 466,667 |
| Year Built: | 1963 |
Property Details
A turnkey luxury 12-unit apartment community located in the highly desirable city of Glendale, bordered by the City of Burbank. The property offers close to 5% CAP Rate in north Glendale and superb location (Walkscore 86) 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 offering is unique due to its prime location, High CAP Rate, and turnkey conditions. New owners can enjoy high quality location, asset, and good cash flow immediately without the hardships of relocating tenants and managing construction crews. 1063 Justin is a beautifully upgraded and maintained garden style apartment community built in 1963. It is a two-story walkup apartment consisting of 12 units. It offers a beautifully landscaped (drought tolerant) center courtyard common area. It offers a superb unit mix of four (4) LARGE 2 bed + 1 bath units, six (6) spacious 1 bed + 1 bath units, and two (2) Studio units. Each unit one has been fully upgraded with full electrical and plumbing upgrades (plumbing upgrade in unit), new high durability wood vinyl and tile flooring in bathroom, new windows throughout, in-unit combo washer/dryer, state of the art mini-split HVAC systems, new kitchen with quartz kitchen countertop and new kitchen cabinets and stainless-steel kitchen appliances (gas range, dishwasher, and refrigerator), and new bathrooms with new vanities, toilets, bathtubs, and name brand fixtures. The exterior upgrades include new faade, new exterior paint and signage, new entry gate, completely redone landscaping, updated electrical, and much more! Each unit is large with an excellent layout. One of the 2bedroom unit has a private balcony. The property is separately metered for electricity and gas. The property offers a single level gated parking area with 11 parking spaces. It is serviced by a master water heater and has additional shared laundry room.Interested in this Listing?
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Income Details
| Rent Control: | Yes |
| Gross Operating Income: | $ 365,736 |
| Total Annual Expense: | $ 87,916 |
| Net Operating Income: | $ 275,560 |
| Cap Rate: | 4.92% |
| Gross Rent Multiplier: | 15.01 |
| Actual Gross Rent: | $ 31,100 |
Structure
| Community Features: | Suburban |
| Sewer: | Public Sewer |
| Water: | Public |
Land & Parking
| Zoning: | GLC3* |
| Land Lease Type: | Fee |
| Parking Garage: | Assigned |
| Total Parking: | 11 |
Interior
| Cooking Appliances: | Range |
| AC/Cooling: | Wall/Window Unit(s) |
| Equipment: | Dishwasher, Dryer, Dryer Included, Gas Dryer Hookup, Refrigerator, Washer, Washer Hookup, Washer Included |
| Heating: | Electric, Wall |
| Fireplace Rooms: | None |
| Laundry: | Dryer, Dryer Included, Gas Dryer Hookup, Washer, Washer Hookup, Washer Included |
Exterior
| Pool: | No |
| Spa: | No |
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