Renovated 17-Unit Apartment
For Sale
$7,000,000
1042 Western Avenue, Glendale, CA 91201
Glendale apartment property with updated interiors, a pool, laundry facilities, and supplemental storage units.
Property Size11,058 SF
Price / SF$633.03
Days on Market133
Property Features for 1042 Western Avenue
General Information
Standard status
Active
Size
11,058 SF
Property subtype
Multi-family
Units
Unit Mix
2 x studio, 10 x 1BR/1BA, 1 x 2BR/1BA, 4 x 2BR/2BA
Multifamily Units
17
Amenities
swimming pool
laundry facilities
Building Details
Year Built
1963
Listing Agency:
Investment Real Estate Associates
Listed By:
David Leibowitz · License #01912487
(714) 497-3550
Source:
Sevengables
Added: Jun 1
Changed: Oct 10
Last Checked: Oct 10 at 1:14AM
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 Investment Real Estate Associates
Investment Insights
Based on property information with market context.
Located at 1042 Western Avenue in Glendale, this apartment property was built in 1963 and contains approximately 11,058 square feet across 17 units. The mix includes two studios, ten one-bedroom/one-bathroom apartments, one two-bedroom/one-bathroom apartment, and four two-bedroom/two-bathroom apartments, including one permitted accessory dwelling unit. Fifteen units have been remodeled with new flooring, appliances, quartz countertops, and updated HVAC systems. Large closets and substantial interior storage are also noted throughout the residences.
Community amenities include a swimming pool and laundry facilities. Seven large storage units provide separately rentable space, while the storage area may offer a possible path to another accessory dwelling unit subject to independent investigation and applicable governmental approvals. The property is positioned between Glendale and Burbank, with Downtown Burbank a short drive away and neighborhood services, restaurants, shopping, entertainment, major employers, and media-industry employment centers in the surrounding area. The remarks identify approximately 15% upside in rents.
Community amenities include a swimming pool and laundry facilities. Seven large storage units provide separately rentable space, while the storage area may offer a possible path to another accessory dwelling unit subject to independent investigation and applicable governmental approvals. The property is positioned between Glendale and Burbank, with Downtown Burbank a short drive away and neighborhood services, restaurants, shopping, entertainment, major employers, and media-industry employment centers in the surrounding area. The remarks identify approximately 15% upside in rents.
Key Highlights
- 17‑unit Glendale apartment property with approximately 11,058 square feet
- Unit mix includes 2 studios, 10 one‑bedroom/one‑bathroom units, 1 two‑bedroom/one‑bathroom unit, and 4 two‑bedroom/two‑bathroom units
- 15 of 17 units remodeled with new flooring, appliances, quartz countertops, and updated HVAC systems
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$208,129
Cap Rate
2.97%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,162,580
$4.2M
Cap Rate 7%
$2,973,271
$3.0M
Cap Rate 9%
$2,312,544
$2.3M
Market Conditions
NOI Build-Up for 11,058 SF
Gross rent
$404.7K $36.60/SF
− Vacancy
−$26.3K −$2.38/SF
EGI
$378.4K $34.22/SF
− OpEx
−$170.3K −$15.40/SF
NOI
$208.1K $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 Rate 5%
$4,162,580
Cap Rate 7%
$2,973,271
Cap Rate 9%
$2,312,544
Alternative Uses
Best Use
Apartment 5plus
$2.97M
$2.60M – $3.47M
NOI $208,129 @ 7.0% cap · market cap 2.97%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$6.65M
$5.82M – $7.76M
NOI $465,539 @ 7.0% cap · market cap 6.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
17
Residential units
Location Intelligence
Trade Area within ½ mile
2,383
Businesses Nearby
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Business Placement
Demographics for 91201, CA
22,608
Population
8,570
Households
2.6
Avg Household Size
43
Median Age
34%
College-Educated
86%
High-School Grad
2.4 sq mi
ZIP Area
9,420
Density / Sq Mi
$74,980
Median Household Income
$44,444
Median Earnings
$2,034
Median Rent
$1,060,500
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Glendale apartment property with updated interiors, a pool, laundry facilities, and supplemental storage units.
Where is this apartment building located?
The property is located at 1042 Western Avenue Glendale, CA.
What is the asking price?
The asking price for this property is $7,000,000.
What are key features of this property?
This property features: 17‑unit Glendale apartment property with approximately 11,058 square feet; Unit mix includes 2 studios, 10 one‑bedroom/one‑bathroom units, 1 two‑bedroom/one‑bathroom unit, and 4 two‑bedroom/two‑bathroom units; 15 of 17 units remodeled with new flooring, appliances, quartz countertops, and updated HVAC systems
