Townhome-Style Multifamily with
For Sale
$4,350,000
1137 Irving Ave, Glendale, CA 91201
1964 multifamily with townhome-style layouts, tuck-under parking, and coin laundry at both buildings, currently 100% occupied.
Property Size10,896 SF
Price / SF$399.23
Days on Market30
Property Features for 1137 Irving Ave
General Information
Standard status
Active
Size
10,896 SF
Property subtype
Investment
Occupancy
100%
Additional Details
Highway Access
Yes
Amenities
coin laundry
Building Details
Building Size
10,896 SF
Year Built
1964
Stories
2
Tenancy
Multi
Listing Agency:
eXp Realty of Greater Los Angeles, Inc.
(818) 919-0282
Listed By:
Brent Ballard · License #01297151
(818) 919-0282
Source:
Elliman
Added: Jul 24
Changed: Aug 19
Last Checked: Aug 21 at 1:29PM
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 eXp Realty of Greater Los Angeles, Inc.
Investment Insights
Based on property information with market context.
Built in 1964, this two-parcel multifamily totals 10,896 square feet and features townhome-style floor plans. Units are predominantly two-bedroom, with two three-bedroom homes, and the buildings share a common driveway with tuck-under parking. Coin laundry is available at both buildings as a secondary income stream.
The property is located in northwest Glendale bordering Burbank, minutes from Downtown Glendale and the Americana at Brand, with access to the Media District and major employers including Disney and Warner Bros. I-5 and SR-134 access are also nearby.
The community is 100% occupied, generating $24,680 in monthly income and supporting stable day-one cash flow. The two-parcel site layout may also present potential ADU opportunities under California’s multifamily ADU statutes, subject to buyer verification with the City of Glendale.
The property is located in northwest Glendale bordering Burbank, minutes from Downtown Glendale and the Americana at Brand, with access to the Media District and major employers including Disney and Warner Bros. I-5 and SR-134 access are also nearby.
The community is 100% occupied, generating $24,680 in monthly income and supporting stable day-one cash flow. The two-parcel site layout may also present potential ADU opportunities under California’s multifamily ADU statutes, subject to buyer verification with the City of Glendale.
Key Highlights
- 1964‑built multifamily totaling 10,896 SF across two parcels with townhome‑style floor plans
- Predominantly 2‑bedroom units, with two 3‑bedroom units
- 100% occupied with $24,680/month in income and stable day‑one cash flow
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
$205,080
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
4.71%
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%
$4,101,600
$4.1M
Cap Rate 7%
$2,929,714
$2.9M
Cap Rate 9%
$2,278,667
$2.3M
Market Conditions
NOI Build-Up for 10,896 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
$398.8K $36.60/SF
− Vacancy
−$25.9K −$2.38/SF
EGI
$372.9K $34.22/SF
− OpEx
−$167.8K −$15.40/SF
NOI
$205.1K $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 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%
$4,101,600
Cap Rate 7%
$2,929,714
Cap Rate 9%
$2,278,667
Alternative Uses
Best Use
Apartment 5plus
$2.93M
$2.56M – $3.42M
NOI $205,080 @ 7.0% cap · market cap 4.71%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$6.55M
$5.73M – $7.65M
NOI $458,719 @ 7.0% cap · market cap 10.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,141
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?
Multifamily property - 1964 multifamily with townhome-style layouts, tuck-under parking, and coin laundry at both buildings, currently 100% occupied.
Where is this multifamily property located?
The property is located at 1137 Irving Ave Glendale, CA.
What is the asking price?
The asking price for this property is $4,350,000.
What are key features of this property?
This property features: 1964‑built multifamily totaling 10,896 SF across two parcels with townhome‑style floor plans; Predominantly 2‑bedroom units, with two 3‑bedroom units; 100% occupied with $24,680/month in income and stable day‑one cash flow
