31-Unit Apartment
For Sale
$10,800,000
1818 Vassar St, Glendale, CA 91204
Multi-story Glendale property with varied unit layouts, covered parking, on-site laundry, and controlled intercom entry.
Property Size25,480 SF
Lot Size0.55 Acres
Price / SF$423.86
Days on Market164
Property Features for 1818 Vassar St
General Information
Standard status
Active
Size
25,480 SF
Total Parking Spaces
50
Lot size
0.55 Acres
Property subtype
MULTI_FAMILY
Units
Unit Mix
16 x 1BR/1BA, 15 x 2BR/1.5BA
Multifamily Units
31
Additional Details
Utilities to Site
Yes
Sprinkler System
Yes
Amenities
on-site laundry
intercom access
Building Details
Building Size
25,480 SF
Year Built
1987
Buildings
1
Listing Agency:
Remax Commercial and Investment Realty
Listed By:
Shant Sherbetdjian
Source:
Rochellemaize
Added: Mar 20
Changed: Aug 29
Last Checked: Jul 9 at 4:35PM
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 Remax Commercial and Investment Realty
Investment Insights
Based on property information with market context.
This multi-story apartment property at 1818 Vassar Street in Glendale contains 31 units within 25,480 square feet, on a 23,990-square-foot lot. The unit mix includes 16 one-bedroom, one-bath residences and 15 two-bedroom, one-and-a-half-bath residences. Built in 1987, the building includes a fully sprinklered below-grade garage with 50 covered parking spaces, on-site laundry, and intercom access.
Gas and electricity are individually metered, while water is master-metered. The property is located within a short drive of The Americana at Brand and the Atwater Village shopping and retail corridor. The offering includes a range of apartment layouts, substantial covered parking, and building systems suited to multifamily operations.
Gas and electricity are individually metered, while water is master-metered. The property is located within a short drive of The Americana at Brand and the Atwater Village shopping and retail corridor. The offering includes a range of apartment layouts, substantial covered parking, and building systems suited to multifamily operations.
Key Highlights
- 31 units in a 25,480 SF multi‑story apartment building
- Unit mix includes 16 one‑bedroom/1‑bath and 15 two‑bedroom/1.5‑bath units
- 50 covered parking spaces in a fully sprinklered below‑grade garage
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
$479,573
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
4.44%
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%
$9,591,460
$9.6M
Cap Rate 7%
$6,851,043
$6.9M
Cap Rate 9%
$5,328,589
$5.3M
Market Conditions
NOI Build-Up for 25,480 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
$932.6K $36.60/SF
− Vacancy
−$60.6K −$2.38/SF
EGI
$872.0K $34.22/SF
− OpEx
−$392.4K −$15.40/SF
NOI
$479.6K $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%
$9,591,460
Cap Rate 7%
$6,851,043
Cap Rate 9%
$5,328,589
Alternative Uses
Best Use
Apartment 5plus
$6.85M
$5.99M – $7.99M
NOI $479,573 @ 7.0% cap · market cap 4.44%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$15.32M
$13.41M – $17.88M
NOI $1,072,702 @ 7.0% cap · market cap 9.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
31
Residential units
Yes
Sprinkler system
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,704
Businesses Nearby
Explore this area
Business Placement
Demographics for 91204, CA
17,302
Population
7,095
Households
2.4
Avg Household Size
39
Median Age
36%
College-Educated
82%
High-School Grad
1.0 sq mi
ZIP Area
17,302
Density / Sq Mi
$72,906
Median Household Income
$41,556
Median Earnings
$1,924
Median Rent
$747,400
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Multi-story Glendale property with varied unit layouts, covered parking, on-site laundry, and controlled intercom entry.
Where is this apartment building located?
The property is located at 1818 Vassar St Glendale, CA.
What is the asking price?
The asking price for this property is $10,800,000.
What are key features of this property?
This property features: 31 units in a 25,480 SF multi‑story apartment building; Unit mix includes 16 one‑bedroom/1‑bath and 15 two‑bedroom/1.5‑bath units; 50 covered parking spaces in a fully sprinklered below‑grade garage
