Renovated 5-Unit Apartment
For Sale
$1,849,000
405 W Broadway, Glendale, CA 91204
Four one-bedroom apartments and an attached permitted ADU provide a clearly defined rental configuration.
Property Size3,000 SF
Price / SF$616.33
Days on Market63
Property Features for 405 W Broadway
General Information
Standard status
Active
Size
3,000 SF
Property subtype
Apartment
Units
Unit Mix
4 x 1BR/1BA, 1 x 1BR/1BA
Multifamily Units
5
Building Details
Building Size
3,000 SF
Year Built
1955
Listing Agency:
Coldwell Banker Realty
Listed By:
Carolin Alaverdian · License #01929505
(818) 823-4622
Source:
Carolinakramer
Added: Jul 20
Changed: Sep 18
Last Checked: Sep 19 at 10:37AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
Located at 405 W Broadway in Glendale, this 3,000-square-foot apartment property contains five units: four one-bedroom, one-bathroom apartments and an attached, fully permitted one-bedroom, one-bathroom ADU. The building dates to 1955 and has been extensively renovated, including modern interior finishes, dual-pane windows, individual mini-split heating and cooling systems, and a newer 400-amp electrical panel. One upstairs front apartment includes a private outdoor deck.
Most units are leased on a month-to-month basis, providing flexibility in managing the existing rent roll. Tenants pay all utilities, while the landlord pays for trash and sewer. The property is minutes from downtown Glendale employment hubs, The Americana at Brand, Glendale Galleria, and Porto’s Bakery.
Most units are leased on a month-to-month basis, providing flexibility in managing the existing rent roll. Tenants pay all utilities, while the landlord pays for trash and sewer. The property is minutes from downtown Glendale employment hubs, The Americana at Brand, Glendale Galleria, and Porto’s Bakery.
Key Highlights
- Five‑unit configuration with four 1‑bedroom, 1‑bathroom apartments and one attached 1‑bedroom, 1‑bathroom ADU
- 3,000 square feet in a 1955‑built apartment property
- Fully permitted attached ADU included in the unit mix
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
$56,465
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
3.05%
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%
$1,129,300
$1.1M
Cap Rate 7%
$806,643
$806.6K
Cap Rate 9%
$627,389
$627.4K
Market Conditions
NOI Build-Up for 3,000 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
$109.8K $36.60/SF
− Vacancy
−$7.1K −$2.38/SF
EGI
$102.7K $34.22/SF
− OpEx
−$46.2K −$15.40/SF
NOI
$56.5K $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%
$1,129,300
Cap Rate 7%
$806,643
Cap Rate 9%
$627,389
Alternative Uses
Best Use
Apartment 5plus
$806.6K
$705.8K – $941.1K
NOI $56,465 @ 7.0% cap · market cap 3.05%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.80M
$1.58M – $2.10M
NOI $126,299 @ 7.0% cap · market cap 6.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
7,446
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
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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 - Four one-bedroom apartments and an attached permitted ADU provide a clearly defined rental configuration.
Where is this apartment building located?
The property is located at 405 W Broadway Glendale, CA.
What is the asking price?
The asking price for this property is $1,849,000.
What are key features of this property?
This property features: Five‑unit configuration with four 1‑bedroom, 1‑bathroom apartments and one attached 1‑bedroom, 1‑bathroom ADU; 3,000 square feet in a 1955‑built apartment property; Fully permitted attached ADU included in the unit mix
