23-Unit Multifamily
For Sale
Contact for pricing
519 South St, Glendale, CA 91202
Twenty-one of 23 units are currently occupied in a 1986-built multifamily property in Glendale.
Property Size17,804 SF
Price / SF$446.53
Days on Market69
Property Features for 519 South St
General Information
Standard status
Active
Size
17,804 SF
Class
B
Total Parking Spaces
26
Property subtype
Multifamily
Zoning
GLR4YY
Occupancy
91%
Net Operating Income
$423,237
Building Details
Year Built
1986
Buildings
1
Units
23
Tenancy
Multi
Listing Agency:
Lyon Stahl Investment Real Estate
Listed By:
Taylor Avakian · License #CA 02060040
(916) 996-4421
Source:
Crexi
Added: Jun 29
Changed: Aug 22
Last Checked: Sep 1 at 3:18AM
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 Lyon Stahl Investment Real Estate
Investment Insights
Based on property information with market context.
519 South St is a 23-unit multifamily property built in 1986. The community offers a mix of 14 two-bedroom/two-bath residences and 9 one-bedroom/one-bath residences, with unit sizes averaging 774 square feet across 17,804 square feet of building area. Currently, 21 units are occupied and generating $52,480 in monthly gross rent.
The property sits on an 18,121 square foot lot. Utilities are separately metered, with electric and gas shift utility costs passed to residents. Unit 205 is currently operating as a manager unit at $500 per month, and two additional units are available for lease-up.
From a leasing and income standpoint, the information provided indicates current rents average $2,282 per unit versus market rents near $2,917, reflecting a rent gap attributable to natural tenant turnover. The remarks also note the property is outside California AB 1482 rent control protections, which the seller states provides new ownership flexibility to reset rents at each vacancy.
The property sits on an 18,121 square foot lot. Utilities are separately metered, with electric and gas shift utility costs passed to residents. Unit 205 is currently operating as a manager unit at $500 per month, and two additional units are available for lease-up.
From a leasing and income standpoint, the information provided indicates current rents average $2,282 per unit versus market rents near $2,917, reflecting a rent gap attributable to natural tenant turnover. The remarks also note the property is outside California AB 1482 rent control protections, which the seller states provides new ownership flexibility to reset rents at each vacancy.
Key Highlights
- 23‑unit multifamily property built in 1986 on an 18,121 SF lot in the South Glendale submarket
- 14 two‑bedroom/two‑bath and 9 one‑bedroom/one‑bath units totaling 17,804 SF building area; average 774 SF per unit
- 21 of 23 units currently occupied, generating $52,480 in monthly gross rent; close‑of‑escrow 4.68% in‑place cap rate and 1.20x DSCR
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
$335,099
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
4.22%
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%
$6,701,980
$6.7M
Cap Rate 7%
$4,787,129
$4.8M
Cap Rate 9%
$3,723,322
$3.7M
Market Conditions
NOI Build-Up for 17,804 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
$651.6K $36.60/SF
− Vacancy
−$42.4K −$2.38/SF
EGI
$609.3K $34.22/SF
− OpEx
−$274.2K −$15.40/SF
NOI
$335.1K $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%
$6,701,980
Cap Rate 7%
$4,787,129
Cap Rate 9%
$3,723,322
Alternative Uses
Best Use
Apartment 5plus
$4.79M
$4.19M – $5.58M
NOI $335,099 @ 7.0% cap · market cap 4.22%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$10.71M
$9.37M – $12.49M
NOI $749,544 @ 7.0% cap · market cap 9.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,887
Businesses Nearby
Explore this area
Business Placement
Demographics for 91202, CA
22,875
Population
9,177
Households
2.5
Avg Household Size
42
Median Age
49%
College-Educated
91%
High-School Grad
4.9 sq mi
ZIP Area
4,668
Density / Sq Mi
$92,343
Median Household Income
$55,266
Median Earnings
$2,185
Median Rent
$1,094,500
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 - Twenty-one of 23 units are currently occupied in a 1986-built multifamily property in Glendale.
Where is this apartment building located?
The property is located at 519 South St Glendale, CA.
What is the asking price?
The asking price for this property is $7,950,000.
What are key features of this property?
This property features: 23‑unit multifamily property built in 1986 on an 18,121 SF lot in the South Glendale submarket; 14 two‑bedroom/two‑bath and 9 one‑bedroom/one‑bath units totaling 17,804 SF building area; average 774 SF per unit; 21 of 23 units currently occupied, generating $52,480 in monthly gross rent; close‑of‑escrow 4.68% in‑place cap rate and 1.20x DSCR
