Two-Building Triplex with
New
For Sale
$999,000
1138 1140 Park Ave, Glendale, CA 91205
Three occupied residences include private in-unit laundry and a detached rear home with its own fenced yard.
Property Size3,325 SF
Days on Market4
Property Features for 1138 1140 Park Ave
General Information
Standard status
Active
Size
3,325 SF
Property subtype
Investment
Occupancy
100%
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
3 x 2BR/1.25BA
Multifamily Units
3
Building Details
Building Size
3,325 SF
Year Built
1937
Buildings
2
Stories
2
Units
3
Listed By:
Sheida Rezazadeh
Source:
Elliman
Added: Sep 16
Last Checked: Sep 18 at 10:23AM
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 Sheida Rezazadeh
Investment Insights
Based on property information with market context.
Built in 1937, this triplex comprises three units arranged between a front two-story duplex and a separate single-story home at the rear. Each residence includes two bedrooms, 1 1/4 bathrooms, a living room, dining area, kitchen, and laundry within the unit. The rear home has a private fenced yard, while a large detached garage is designated for the owner’s use.
The property is located at 1138 1140 Park Ave in Glendale’s Adams Hill neighborhood, near Adams Square, public transportation, bakeries, restaurants, and shops. Downtown Glendale, The Americana at Brand, Glendale Galleria, Eagle Rock, Pasadena, and the CA-2, CA-134, and I-5 freeways are identified nearby. All three units are occupied and subject to existing leases and applicable laws.
The property is located at 1138 1140 Park Ave in Glendale’s Adams Hill neighborhood, near Adams Square, public transportation, bakeries, restaurants, and shops. Downtown Glendale, The Americana at Brand, Glendale Galleria, Eagle Rock, Pasadena, and the CA-2, CA-134, and I-5 freeways are identified nearby. All three units are occupied and subject to existing leases and applicable laws.
Key Highlights
- Three occupied units in a front duplex and detached rear residence
- Each unit has 2 bedrooms, 1 1/4 bathrooms, and in‑unit laundry
- Detached single‑story rear home includes a private fenced backyard
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
$72,068
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
7.21%
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%
$1,441,360
$1.4M
Cap Rate 7%
$1,029,543
$1.0M
Cap Rate 9%
$800,756
$800.8K
Market Conditions
NOI Build-Up for 3,325 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
$109.7K $33.00/SF
− Vacancy
−$6.8K −$2.04/SF
EGI
$103.0K $30.96/SF
− OpEx
−$30.9K −$9.29/SF
NOI
$72.1K $21.67/SF
Area
Glendale, CA
Vacancy
6.17%
Lease Rate
$33.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,441,360
Cap Rate 7%
$1,029,543
Cap Rate 9%
$800,756
Alternative Uses
Best Use
Multifamily LT 5
$1.03M
$900.9K – $1.20M
NOI $72,068 @ 7.0% cap · market cap 7.21%
Second Best
Apartment 5plus
$894.0K
$782.3K – $1.04M
NOI $62,582 @ 7.0% cap · market cap 6.26%
Theoretical Best
Specialty Retail
$2.00M
$1.75M – $2.33M
NOI $139,982 @ 7.0% cap · market cap 14.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
937
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
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Cap Rate, Value Estimation, Potential NOI and more
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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?
Triplex - Three occupied residences include private in-unit laundry and a detached rear home with its own fenced yard.
Where is this triplex located?
The property is located at 1138 1140 Park Ave Glendale, CA.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Three occupied units in a front duplex and detached rear residence; Each unit has 2 bedrooms, 1 1/4 bathrooms, and in‑unit laundry; Detached single‑story rear home includes a private fenced backyard
