10-Unit Multifamily with
For Sale
$2,748,900
1118 Western Avenue, Glendale, CA 91201
Built in 1950, this 10-unit apartment property offers carports for 8 vehicles plus 2 uncovered spaces.
Property Size6,212 SF
Lot Size0.35 Acres
Price / SF$442.51
Days on Market33
Property Features for 1118 Western Avenue
General Information
Standard status
Active
Size
6,212 SF
Total Parking Spaces
10
Lot size
0.35 Acres
Property subtype
Multi Family
Additional Details
Multifamily Units
10
Amenities
classic wood floors
Building Details
Building Size
6,212 SF
Year Built
1950
Tenancy
Multi
Listing Agency:
RE/MAX MASTERS REALTY
(626) 967-1779
Listed By:
Cesar Navarro · License #01250916
Source:
Truthrealty
Added: Jul 23
Changed: Aug 23
Last Checked: Aug 23 at 8:38AM
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 RE/MAX MASTERS REALTY
Investment Insights
Based on property information with market context.
1118 Western Ave is a 10-unit apartment building built in 1950, set on a 15,280 square foot lot. The property offers approximately 6,212 square feet of livable space and features a unit mix configured for 10 total bedrooms and 10 bathrooms. Interior details include classic wood floors, and parking is provided via dedicated carports for 8 vehicles plus 2 additional uncovered spaces.
The building is located in Glendale’s Grandview neighborhood and is described as being about 2 miles from downtown Burbank, with major entertainment employers including The Walt Disney Studios and Warner Bros. WalkScore is 35 (car-dependent), with Somewhat Bikeable and Some Transit scores also noted.
Additional nearby amenities are described as being within minutes of three local shopping centers and Glendale schools. The offering is presented as a value-add opportunity, including potential for renovation to support higher rents.
The building is located in Glendale’s Grandview neighborhood and is described as being about 2 miles from downtown Burbank, with major entertainment employers including The Walt Disney Studios and Warner Bros. WalkScore is 35 (car-dependent), with Somewhat Bikeable and Some Transit scores also noted.
Additional nearby amenities are described as being within minutes of three local shopping centers and Glendale schools. The offering is presented as a value-add opportunity, including potential for renovation to support higher rents.
Key Highlights
- Built in 1950, 10‑unit apartment building with 6,212 SF of livable space on a 15,280 SF lot
- Unit mix totals 10 bedrooms and 10 bathrooms across the 10 units
- Dedicated carports for 8 vehicles plus 2 uncovered parking spaces
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
$116,919
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
4.25%
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%
$2,338,380
$2.3M
Cap Rate 7%
$1,670,271
$1.7M
Cap Rate 9%
$1,299,100
$1.3M
Market Conditions
NOI Build-Up for 6,212 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
$227.4K $36.60/SF
− Vacancy
−$14.8K −$2.38/SF
EGI
$212.6K $34.22/SF
− OpEx
−$95.7K −$15.40/SF
NOI
$116.9K $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%
$2,338,380
Cap Rate 7%
$1,670,271
Cap Rate 9%
$1,299,100
Alternative Uses
Best Use
Apartment 5plus
$1.67M
$1.46M – $1.95M
NOI $116,919 @ 7.0% cap · market cap 4.25%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.74M
$3.27M – $4.36M
NOI $261,524 @ 7.0% cap · market cap 9.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,348
Businesses Nearby
Explore this area
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
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 - Built in 1950, this 10-unit apartment property offers carports for 8 vehicles plus 2 uncovered spaces.
Where is this apartment building located?
The property is located at 1118 Western Avenue Glendale, CA.
What is the asking price?
The asking price for this property is $2,748,900.
What are key features of this property?
This property features: Built in 1950, 10‑unit apartment building with 6,212 SF of livable space on a 15,280 SF lot; Unit mix totals 10 bedrooms and 10 bathrooms across the 10 units; Dedicated carports for 8 vehicles plus 2 uncovered parking spaces
