8-Unit Two-Bedroom Multifamily
For Sale
Contact for pricing
Pending
1004 East Garfield Avenue, Glendale, CA 91205
Well-maintained 8-unit building built in 1987 with an all–two-bedroom layout in central Glendale.
Property Size7,578 SF
Lot Size0.19 Acres
Days on Market63
Property Features for 1004 East Garfield Avenue
General Information
Standard status
Pending
Size
7,578 SF
Class
B
Total Parking Spaces
14
Lot size
0.19 Acres
Property subtype
Multifamily
Occupancy
87%
Investment Type
Value Add
Financials
Cap Rate
5.5%
Business Included
Yes
Additional Details
Multifamily Units
8
Building Details
Year Built
1987
Buildings
1
Units
8
Listing Agency:
Equity Union
(818) 456-7846
Listed By:
Andy Kawatra · License #CA 01881930
Source:
Crexi
Added: Jun 29
Changed: Aug 8
Last Checked: Jul 24 at 5:32PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Equity Union
Investment Insights
Based on property information with market context.
1004 E Garfield Avenue is an 8-unit multifamily property built in 1987. The building offers an all two-bedroom unit mix designed for residents seeking more space, and it totals approximately 7,578 square feet of improvements on an 8,276-square-foot lot. The current configuration provides a consistent rental product across all units.
Located in the heart of Glendale, the property benefits from convenient access to major shopping and employment destinations. Residents are positioned near Downtown Glendale and well-known local hubs, with proximity to major transportation corridors. The area also offers a broad range of dining, retail, and entertainment options.
This asset is suited for investors seeking a straightforward 8-unit strategy centered on a uniform two-bedroom tenant profile. With an in-place underwriting profile cited around a 5.50% cap rate and current gross rent multiplier of 11.90, the property is presented as capable of producing immediate income while allowing for future operational and rent optimization consistent with its residential demand fundamentals in Glendale.
Located in the heart of Glendale, the property benefits from convenient access to major shopping and employment destinations. Residents are positioned near Downtown Glendale and well-known local hubs, with proximity to major transportation corridors. The area also offers a broad range of dining, retail, and entertainment options.
This asset is suited for investors seeking a straightforward 8-unit strategy centered on a uniform two-bedroom tenant profile. With an in-place underwriting profile cited around a 5.50% cap rate and current gross rent multiplier of 11.90, the property is presented as capable of producing immediate income while allowing for future operational and rent optimization consistent with its residential demand fundamentals in Glendale.
Key Highlights
- 8‑unit multifamily property built in 1987 located at 1004 E Garfield Avenue in Glendale, CA.
- All units are 2‑bedroom apartments, providing a uniform unit mix across the entire building.
- Approximately 7,578 sq ft of improvements on an 8,276 sq ft lot.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$142,630
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.09%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,852,600
$2.9M
Cap Rate 7%
$2,037,571
$2.0M
Cap Rate 9%
$1,584,778
$1.6M
Market Conditions
NOI Build-Up for 7,578 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$277.4K $36.60/SF
− Vacancy
−$18.0K −$2.38/SF
EGI
$259.3K $34.22/SF
− OpEx
−$116.7K −$15.40/SF
NOI
$142.6K $18.82/SF
Area
Glendale, CA
Vacancy
6.50%
Lease Rate
$36.60 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,852,600
Cap Rate 7%
$2,037,571
Cap Rate 9%
$1,584,778
Alternative Uses
Best Use
Apartment 5plus
$2.04M
$1.78M – $2.38M
NOI $142,630 @ 7.0% cap · market cap 5.09%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.56M
$3.99M – $5.32M
NOI $319,032 @ 7.0% cap · market cap 11.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
2,213
Businesses Nearby
Explore this area
Business Placement
Demographics for 91205, CA
36,693
Population
14,424
Households
2.5
Avg Household Size
41
Median Age
39%
College-Educated
84%
High-School Grad
1.9 sq mi
ZIP Area
19,312
Density / Sq Mi
$59,005
Median Household Income
$42,393
Median Earnings
$1,890
Median Rent
$763,100
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained 8-unit building built in 1987 with an all–two-bedroom layout in central Glendale.
Where is this apartment building located?
The property is located at 1004 East Garfield Avenue Glendale, CA.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: 8‑unit multifamily property built in 1987 located at 1004 E Garfield Avenue in Glendale, CA.; All units are 2‑bedroom apartments, providing a uniform unit mix across the entire building.; Approximately 7,578 sq ft of improvements on an 8,276 sq ft lot.
