31-Unit Apartment Building with Covered
For Sale
$10,800,000
1818 Vassar St, Glendale, CA 91204
MULTI_FAMILY - Glendale, CA
Property Size25,480 SF
Lot Size0.55 Acres
Price / SF$423.86
Days on Market163
Property Features for 1818 Vassar St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
GLR4*
Bedrooms
46
Bathrooms
46
Full bathrooms
3
Rooms
Bedroom 42, Bathroom 18, Bathroom 41, Bedroom 34, Bathroom 38, Bedroom 46, Bedroom 4, Bedroom 20, Bedroom 40, Bedroom 13, Bedroom 11, Bathroom 19, Bedroom 10, Bedroom 37, Bedroom 39, Bathroom 46, Bathroom 1, Bathroom 45, Bathroom 9, Bathroom 42, Bathroom 22, Bathroom 31, Bathroom 4, Bathroom 36, Bathroom 6, Bedroom 7, Bedroom 35, Bedroom 27, Bathroom 16, Bathroom 40, Bedroom 38, Bedroom 33, Bedroom 31, Bedroom 24, Bathroom 5, Bathroom 13, Bathroom 23, Bathroom 24, Bathroom 29, Bathroom 30, Bedroom 23, Bathroom 14, Bathroom 15, Bathroom 43, Bedroom 5, Bathroom 21, Bathroom 3, Bedroom 19, Bedroom 15, Bedroom 43, Bathroom 35, Bedroom 6, Bathroom 2, Bathroom 17, Bathroom 37, Bathroom 32, Bathroom 11, Bedroom 30, Bedroom 2, Bathroom 28, Bedroom 28, Bathroom 8, Bedroom 25, Bedroom 41, Bathroom 39, Bathroom 44, Bedroom 45, Bedroom 18, Bedroom 9, Bathroom 12, Bedroom 17, Bathroom 34, Bedroom 1, Bedroom 29, Bedroom 21, Bathroom 20, Bathroom 26, Bathroom 27, Bathroom 25, Bedroom 22, Bathroom 10, Bedroom 14, Bedroom 8, Bedroom 32, Bedroom 26, Bedroom 36, Bedroom 3, Bedroom 16, Bedroom 44, Bedroom 12, Bathroom 33, Bathroom 7
Parking
52
Elementary school district
Glendale Unified
Middle school district
Glendale Unified
High school district
Glendale Unified
Directions
This great investment opportunity is located in the city of Glendale, near the major intersection of South Brand Blvd and North San Fernando Road. You can enter into the small side street of Vassar Street located just off of Glendale Blvd, which is the beginning of where South Brand Blvd starts.
Subdivision
Glendale-South of 134 Fwy
Standard status
Active
APN
5640-037-037
Size
25,480 SF
Lot size
0.55 Acres
Amenities
covered parking
intercom access
on-site laundry
Building Details
Year built
1987
Floors in Building
2
Number of units
31
Listing Agency:
Remax Commercial and Investment Realty · RE/MAX International
(213) 817-1000
Listed By:
Shant Sherbetdjian · License #01713570
(626) 657-8150
Added: Mar 20
Changed: Aug 1
Last Checked: Aug 29 at 9:06PM
MLS# 26667623
Copyright © 2026 The MLS/CLAW. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
1818-1826 Vassar Street is a 31-unit apartment building built in 1987, totaling 25,480 SF on a 0.5521-acre lot. The building features a mix of 16 one-bedroom/1-bath units and 15 two-bedroom/1.5-bath units, with 50 covered parking spaces provided in a fully sprinklered below-grade garage.
Utilities are individually metered for gas and electricity, with water master-metered. The property is fully secured with intercom access and includes on-site laundry.
The zoning is GLR4*, and the building presents as a fully stabilized option for buyers looking for an established residential income property. It is centrally located, with a short drive to The Americana at Brand and the Atwater Village shopping/retail corridor.
Utilities are individually metered for gas and electricity, with water master-metered. The property is fully secured with intercom access and includes on-site laundry.
The zoning is GLR4*, and the building presents as a fully stabilized option for buyers looking for an established residential income property. It is centrally located, with a short drive to The Americana at Brand and the Atwater Village shopping/retail corridor.
Key Highlights
- 31‑unit apartment building totaling 25,480 SF built in 1987
- 16 one‑bedroom/1‑bath units 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
Property Profile
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
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Frequently Asked Questions
What type of property is this?
Apartment building - 1987-built 31-unit apartment building on a 0.5521-acre lot with 50 covered spaces in a sprinklered below-grade garage.
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‑unit apartment building totaling 25,480 SF built in 1987; 16 one‑bedroom/1‑bath units and 15 two‑bedroom/1.5‑bath units; 50 covered parking spaces in a fully sprinklered below‑grade garage
