Glendale 8-Unit Apartment
For Sale
$3,050,000
515 Chester St, Glendale, CA 91203
Well-maintained 8-unit building with six 1BR and two 2BR units plus 10 community parking spaces in Glendale.
Property Size5,404 SF
Price / SF$564.40
Days on Market52
Property Features for 515 Chester St
General Information
Standard status
Active
Size
5,404 SF
Total Parking Spaces
10
Property subtype
Investment
Additional Details
Highway Access
Yes
Multifamily Units
8
Building Details
Building Size
5,404 SF
Year Built
1962
Stories
2
Units
8
Tenancy
Multi
Listing Agency:
JOHNHART REAL ESTATE
(818) 246-1099
Listed By:
Raffi Soualian · License #01887303
(818) 246-1099
Source:
Elliman
Added: Jun 20
Changed: Aug 8
Last Checked: Aug 9 at 10:43AM
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 JOHNHART REAL ESTATE
Investment Insights
Based on property information with market context.
This well-maintained 8-unit apartment building offers a functional unit mix of six 1-bedroom, 1-bath units and two 2-bedroom, 1-bath units. Several apartments feature updated interiors, including modern kitchens, upgraded flooring, fresh finishes, and abundant natural light. The property includes on-site common areas and is set on a spacious lot with a layout designed for convenient access throughout the building. Off-street, community parking is available with 10 parking spaces to support daily tenant needs.
Located at 515 Chester St in Glendale, the property is positioned near shopping, dining, entertainment, major transportation corridors, and employment centers, according to the available remarks. Bike and walk scores indicate the area is reasonably bikeable and very walkable, with some transit access.
For prospective owners, this multifamily asset provides diversification through its mix of 1-bedroom and 2-bedroom homes, which can appeal to a range of household needs. The combination of updated units, common areas, and on-site parking supports day-to-day livability for tenants in an established Glendale rental setting.
Located at 515 Chester St in Glendale, the property is positioned near shopping, dining, entertainment, major transportation corridors, and employment centers, according to the available remarks. Bike and walk scores indicate the area is reasonably bikeable and very walkable, with some transit access.
For prospective owners, this multifamily asset provides diversification through its mix of 1-bedroom and 2-bedroom homes, which can appeal to a range of household needs. The combination of updated units, common areas, and on-site parking supports day-to-day livability for tenants in an established Glendale rental setting.
Key Highlights
- Well‑maintained 8‑unit apartment building built in 1962 with approximately 5,404 SF of living space
- Unit mix includes six 1‑bedroom, 1‑bath units and two 2‑bedroom, 1‑bath units
- 10 community parking spaces for tenants
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
$101,712
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
3.33%
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%
$2,034,240
$2.0M
Cap Rate 7%
$1,453,029
$1.5M
Cap Rate 9%
$1,130,133
$1.1M
Market Conditions
NOI Build-Up for 5,404 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
$197.8K $36.60/SF
− Vacancy
−$12.9K −$2.38/SF
EGI
$184.9K $34.22/SF
− OpEx
−$83.2K −$15.40/SF
NOI
$101.7K $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%
$2,034,240
Cap Rate 7%
$1,453,029
Cap Rate 9%
$1,130,133
Alternative Uses
Best Use
Apartment 5plus
$1.45M
$1.27M – $1.70M
NOI $101,712 @ 7.0% cap · market cap 3.33%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.25M
$2.84M – $3.79M
NOI $227,507 @ 7.0% cap · market cap 7.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,137
Businesses Nearby
Explore this area
Business Placement
Demographics for 91203, CA
16,930
Population
7,503
Households
2.3
Avg Household Size
37
Median Age
46%
College-Educated
90%
High-School Grad
0.9 sq mi
ZIP Area
18,811
Density / Sq Mi
$77,925
Median Household Income
$48,953
Median Earnings
$2,348
Median Rent
$661,300
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 - Well-maintained 8-unit building with six 1BR and two 2BR units plus 10 community parking spaces in Glendale.
Where is this apartment building located?
The property is located at 515 Chester St Glendale, CA.
What is the asking price?
The asking price for this property is $3,050,000.
What are key features of this property?
This property features: Well‑maintained 8‑unit apartment building built in 1962 with approximately 5,404 SF of living space; Unit mix includes six 1‑bedroom, 1‑bath units and two 2‑bedroom, 1‑bath units; 10 community parking spaces for tenants
