Renovated 56-Unit Apartment
For Sale
$17,000,000
Pending
1595 E Chevy Chase Dr, Glendale, CA 91206
56-unit multifamily property with studio, one-, and two-bedroom units, plus subterranean parking and covered spaces.
Property Size49,930 SF
Days on Market136
Property Features for 1595 E Chevy Chase Dr
General Information
Standard status
Pending
Size
49,930 SF
Total Parking Spaces
58
Property subtype
MULTI_FAMILY
Occupancy
95%
Additional Details
Highway Access
Yes
Multifamily Units
56
Amenities
subterranean parking
storage
Building Details
Building Size
49,930 SF
Year Built
1959
Year Renovated
1975
Tenancy
Multi
Listing Agency:
CBRE
Listed By:
Jenny Eng · License #01931251
(239) 631-8788
Source:
Milsteinestates
Added: May 5
Changed: Sep 4
Last Checked: Sep 15 at 8:55AM
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 CBRE
Investment Insights
Based on property information with market context.
Monarch Terrace is a 56-unit multifamily apartment property built in 1959 and renovated in 1975. The unit mix includes 10 studios, 34 one-bedroom units, and 12 two-bedroom units, totaling 49,930 square feet.
The property provides subterranean parking and storage, along with 56 covered parking spaces and 2 surface parking spaces. It also benefits from strong freeway connectivity and is located within the Glendale Unified School District.
Current occupancy is reported at 95%, with the property described as having potential for rent upside.
The property provides subterranean parking and storage, along with 56 covered parking spaces and 2 surface parking spaces. It also benefits from strong freeway connectivity and is located within the Glendale Unified School District.
Current occupancy is reported at 95%, with the property described as having potential for rent upside.
Key Highlights
- 56‑unit multifamily property built in 1959 and renovated in 1975
- Unit mix: 10 studios, 34 one‑bedroom, and 12 two‑bedroom totaling 49,930 SF
- 95% occupancy provides current income with noted rent upside potential
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
$939,760
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
5.53%
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%
$18,795,200
$18.8M
Cap Rate 7%
$13,425,143
$13.4M
Cap Rate 9%
$10,441,778
$10.4M
Market Conditions
NOI Build-Up for 49,930 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
$1.83M $36.60/SF
− Vacancy
−$118.8K −$2.38/SF
EGI
$1.71M $34.22/SF
− OpEx
−$768.9K −$15.40/SF
NOI
$939.8K $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%
$18,795,200
Cap Rate 7%
$13,425,143
Cap Rate 9%
$10,441,778
Alternative Uses
Best Use
Apartment 5plus
$13.43M
$11.75M – $15.66M
NOI $939,760 @ 7.0% cap · market cap 5.53%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$30.03M
$26.28M – $35.03M
NOI $2,102,041 @ 7.0% cap · market cap 12.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
56
Residential units
95%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,271
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
Check the figures for this property
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?
Apartment building - 56-unit multifamily property with studio, one-, and two-bedroom units, plus subterranean parking and covered spaces.
Where is this apartment building located?
The property is located at 1595 E Chevy Chase Dr Glendale, CA.
What is the asking price?
The asking price for this property is $17,000,000.
What are key features of this property?
This property features: 56‑unit multifamily property built in 1959 and renovated in 1975; Unit mix: 10 studios, 34 one‑bedroom, and 12 two‑bedroom totaling 49,930 SF; 95% occupancy provides current income with noted rent upside potential
