Townhouse-Style Apartment
New
For Sale
$4,400,000
421 Porter Street, Glendale, CA 91205
Remodeled units feature individual meters, in-unit laundry facilities, and access to a subterranean garage.
Property Size9,157 SF
Days on Market6
Property Features for 421 Porter Street
General Information
Standard status
Active
Size
9,157 SF
Property subtype
Apartment
Building Details
Building Size
9,157 SF
Year Built
1987
Listing Agency:
Pinnacle Estate Properties
(747) 221-2675
Listed By:
Petros Gumrikyan · License #02129119
Source:
Archetyperealty
Added: Aug 7
Changed: Aug 10
Last Checked: Aug 11 at 1:09PM
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 Pinnacle Estate Properties
Investment Insights
Based on property information with market context.
Located at 421 Porter Street in Glendale, California, this 9-unit apartment building was constructed in 1987 and features a townhouse-style configuration. The unit mix includes one 3-bedroom, 2.5-bath residence measuring 1557 square feet, six 2-bedroom, 2.5-bath residences measuring 1000 square feet each, and two 1-bedroom, 1.5-bath residences measuring 800 square feet each.
The property includes a subterranean garage with 17 parking spots, copper plumbing, a security intercom system, and central air conditioning and heating. Every residence has its own utility meters and laundry facilities, and all units have been recently remodeled. Reported investment metrics include a 5.58% cap rate and a 14.58 GRM.
The property includes a subterranean garage with 17 parking spots, copper plumbing, a security intercom system, and central air conditioning and heating. Every residence has its own utility meters and laundry facilities, and all units have been recently remodeled. Reported investment metrics include a 5.58% cap rate and a 14.58 GRM.
Key Highlights
- 9‑unit townhouse‑style apartment building at 421 Porter Street in Glendale, CA
- Unit mix: 1: 3bed +2.5 bath, 1557 SQFT; 6: 2 bed +2.5 bath, 1000 SQFT; 2: 1 bed +1.5 bath, 800 SQFT
- Subterranean garage provides a total of 17 parking spots
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
$172,349
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
3.92%
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%
$3,446,980
$3.4M
Cap Rate 7%
$2,462,129
$2.5M
Cap Rate 9%
$1,914,989
$1.9M
Market Conditions
NOI Build-Up for 9,157 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
$335.1K $36.60/SF
− Vacancy
−$21.8K −$2.38/SF
EGI
$313.4K $34.22/SF
− OpEx
−$141.0K −$15.40/SF
NOI
$172.3K $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%
$3,446,980
Cap Rate 7%
$2,462,129
Cap Rate 9%
$1,914,989
Alternative Uses
Best Use
Apartment 5plus
$2.46M
$2.15M – $2.87M
NOI $172,349 @ 7.0% cap · market cap 3.92%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.51M
$4.82M – $6.43M
NOI $385,507 @ 7.0% cap · market cap 8.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,593
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 - Remodeled units feature individual meters, in-unit laundry facilities, and access to a subterranean garage.
Where is this apartment building located?
The property is located at 421 Porter Street Glendale, CA.
What is the asking price?
The asking price for this property is $4,400,000.
What are key features of this property?
This property features: 9‑unit townhouse‑style apartment building at 421 Porter Street in Glendale, CA; Unit mix: 1: 3bed +2.5 bath, 1557 SQFT; 6: 2 bed +2.5 bath, 1000 SQFT; 2: 1 bed +1.5 bath, 800 SQFT; Subterranean garage provides a total of 17 parking spots
