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 Market35
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: Aug 25
Last Checked: Aug 26 at 2:01PM
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 = 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
$262,090
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
3.28%
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%
$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
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
$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 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%
$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
Property Profile
Current Use
Lease Details
22
Residential units
Location Intelligence
Trade Area within ½ mile
6,647
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
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 - 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
