Glendale Multifamily Investment
For Sale
Contact for pricing
123 N Jackson St, Glendale, CA 91206
Two apartment buildings in Glendale's Central Business District.
Property Size15,124 SF
Price / SF$456.23
Days on Market182
Property Features for 123 N Jackson St
General Information
Standard status
Active
Size
15,124 SF
Property subtype
Multifamily
Zoning
GLC3*
Building Details
Year Built
1950
Listing Agency:
Stevenson Real Estate Services
(626) 826-2431
Listed By:
Randy Stevenson · License #CA 91202
Source:
Crexi
Added: Mar 3
Changed: Aug 31
Last Checked: Aug 31 at 3:01PM
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 Stevenson Real Estate Services
Investment Insights
Based on property information with market context.
This offering presents an opportunity to acquire two apartment buildings constructed in 1950, situated in Glendale’s Central Business District. The property comprises four 2-bedroom, 1-bathroom units and sixteen 1-bedroom, 1-bathroom units. The 2-bedroom units feature a separate dining area adjacent to the kitchen and living area. Each unit is individually metered for electricity and gas and equipped with its own hot water heater, wall heaters, and through-the-wall air conditioners. Units have both front and back doors, and covered entries with stairwells. The property has undergone partial replumbing, including horizontal lines and some vertical lines. The main sewer line was replaced approximately 20 years ago. The buildings feature hip roofs, attic insulation, and casement windows. There are ten covered parking spaces available, along with a laundry room equipped with owned machines. Currently, two units are vacant, allowing for immediate rental or upgrades to the finishes. The property is located blocks from The Americana at Brand and Glendale Galleria.
Key Highlights
- Prime location: Blocks from The Americana at Brand and Glendale Galleria.
- Opportunity to increase income: Two vacant units allow for immediate rental or renovation.
- Desirable unit mix: Features a combination of (4) 2‑bedroom/1‑bathroom and (16) 1‑bedroom/1‑bathroom units.
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
$284,657
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
4.13%
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%
$5,693,140
$5.7M
Cap Rate 7%
$4,066,529
$4.1M
Cap Rate 9%
$3,162,856
$3.2M
Market Conditions
NOI Build-Up for 15,124 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
$553.5K $36.60/SF
− Vacancy
−$36.0K −$2.38/SF
EGI
$517.6K $34.22/SF
− OpEx
−$232.9K −$15.40/SF
NOI
$284.7K $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%
$5,693,140
Cap Rate 7%
$4,066,529
Cap Rate 9%
$3,162,856
Alternative Uses
Best Use
Apartment 5plus
$4.07M
$3.56M – $4.74M
NOI $284,657 @ 7.0% cap · market cap 4.13%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$9.10M
$7.96M – $10.61M
NOI $636,717 @ 7.0% cap · market cap 9.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
8,189
Businesses Nearby
Explore this area
Business Placement
Demographics for 91206, CA
33,252
Population
13,767
Households
2.4
Avg Household Size
43
Median Age
47%
College-Educated
90%
High-School Grad
5.8 sq mi
ZIP Area
5,733
Density / Sq Mi
$86,684
Median Household Income
$52,517
Median Earnings
$2,159
Median Rent
$1,094,100
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 - Two apartment buildings in Glendale's Central Business District.
Where is this apartment building located?
The property is located at 123 N Jackson St Glendale, CA.
What is the asking price?
The asking price for this property is $6,900,000.
What are key features of this property?
This property features: Prime location: Blocks from The Americana at Brand and Glendale Galleria.; Opportunity to increase income: Two vacant units allow for immediate rental or renovation.; Desirable unit mix: Features a combination of (4) 2‑bedroom/1‑bathroom and (16) 1‑bedroom/1‑bathroom units.
