Renovated 22-Unit Apartment
For Sale
$8,000,000
323 E Chestnut St, Glendale, CA 91205
Courtyard property with a pool, laundry facilities, resident storage, and on-site parking in downtown Glendale.
Property Size13,925 SF
Price / SF$574.51
Days on Market80
Property Features for 323 E Chestnut St
General Information
Standard status
Active
Size
13,925 SF
Total Parking Spaces
16
Property subtype
MULTI_FAMILY
Units
Unit Mix
1 x studio, 19 x 1BR/1BA, 2 x 2BR/2BA
Multifamily Units
22
Amenities
courtyard
swimming pool
on-site laundry facilities
resident storage
Building Details
Building Size
13,925 SF
Year Built
1962
Listing Agency:
Investment Real Estate Associates
Listed By:
David Leibowitz · License #01912487
Source:
Milsteinestates
Added: Jul 24
Changed: Sep 29
Last Checked: Oct 10 at 12:42AM
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 Investment Real Estate Associates
Investment Insights
Based on property information with market context.
Located at 323 E Chestnut Street in Glendale, this 22-unit apartment community was built in 1962 and contains approximately 13,925 square feet of building area. The unit mix includes one studio, 19 one-bedroom/one-bathroom units, and two two-bedroom/two-bathroom units. Interior improvements have been completed in 21 of the 22 units. The property is organized around a courtyard and swimming pool, with on-site laundry, resident storage, and 16 parking spaces.
The community is within walking distance of The Americana at Brand, Glendale Galleria, restaurants, cafes, entertainment venues, and everyday services. A Walk Score of 96 places the property in the “Walker's Paradise” category, reflecting access to daily needs on foot. The location also provides convenient access to downtown Glendale amenities and supports a highly walkable residential setting.
The community is within walking distance of The Americana at Brand, Glendale Galleria, restaurants, cafes, entertainment venues, and everyday services. A Walk Score of 96 places the property in the “Walker's Paradise” category, reflecting access to daily needs on foot. The location also provides convenient access to downtown Glendale amenities and supports a highly walkable residential setting.
Key Highlights
- 22‑unit apartment community with approximately 13,925 square feet of building area
- Unit mix includes 1 studio, 19 one‑bedroom/one‑bathroom units, and 2 two‑bedroom/two‑bathroom units
- 21 of 22 units have received interior renovations
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$262,090
Cap Rate
3.28%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,241,800
$5.2M
Cap Rate 7%
$3,744,143
$3.7M
Cap Rate 9%
$2,912,111
$2.9M
Market Conditions
NOI Build-Up for 13,925 SF
Gross rent
$509.7K $36.60/SF
− Vacancy
−$33.1K −$2.38/SF
EGI
$476.5K $34.22/SF
− OpEx
−$214.4K −$15.40/SF
NOI
$262.1K $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 Rate 5%
$5,241,800
Cap Rate 7%
$3,744,143
Cap Rate 9%
$2,912,111
Alternative Uses
Best Use
Apartment 5plus
$3.74M
$3.28M – $4.37M
NOI $262,090 @ 7.0% cap · market cap 3.28%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$8.37M
$7.33M – $9.77M
NOI $586,239 @ 7.0% cap · market cap 7.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
22
Residential units
Location Intelligence
Trade Area within ½ mile
6,647
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Courtyard property with a pool, laundry facilities, resident storage, and on-site parking in downtown Glendale.
Where is this apartment building located?
The property is located at 323 E Chestnut St Glendale, CA.
What is the asking price?
The asking price for this property is $8,000,000.
What are key features of this property?
This property features: 22‑unit apartment community with approximately 13,925 square feet of building area; Unit mix includes 1 studio, 19 one‑bedroom/one‑bathroom units, and 2 two‑bedroom/two‑bathroom units; 21 of 22 units have received interior renovations
