Glendale 8-Unit Apartment
515 Chester St, Glendale, CA 91203
For Sale
$2,950,000
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$545.89
Days on Market143
Property Features for 515 Chester St
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Additional Details
Highway Access
Multifamily Units
Building Details
Building Size
Year Built
Stories
Units
Tenancy
Listing Agency:
JohnHart Real Estate; 818-464-5819
Listed By:
Raffi Soualian · License #01887303
(818) 246-1099
Source:
Elliman
Added: Jun 20
Changed: Oct 26
Last Checked: Nov 8 at 6:50AM
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; 818-464-5819
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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 / Yr
$101,712
Cap Rate
3.45%
Suggested Prices Based on Cap Rates
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
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 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 3.45%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.25M
$2.84M – $3.79M
NOI $227,507 @ 7.0% cap · market cap 7.71%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
8
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,137
Businesses Nearby
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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
$661,300
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Glendale, CA
Properties on Market for Apartment buildings in Glendale
Vacancy Rate% for Multifamily in West region
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 $2,950,000.
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
