Updated Triplex with New
For Sale
$1,495,000
609 Corwin Avenue, Glendale, CA 91206
Residential income property featuring two units plus a new ADU.
Property Size2,330 SF
Lot Size0.14 Acres
Days on Market189
Property Features for 609 Corwin Avenue
General Information
Standard status
Active
Size
2,330 SF
Lot size
0.14 Acres
Property subtype
Triplex
Amenities
Forced Air
Central Air
Electricity Connected, Natural Gas Connected, Sewer Connected
Building Details
Building Size
2,330 SF
Year Built
1925
Stories
1
Listing Agency:
Alliance Partners
Listed By:
Emil Akopian · License #01449462
(818) 339-8115
Source:
Kw
Added: Feb 26
Changed: Aug 8
Last Checked: Aug 8 at 6:23AM
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 Alliance Partners
Investment Insights
Based on property information with market context.
This residential income producing property features two units plus a newly constructed ADU completed between 2022 and 2023. The property has been updated with modern finishes. Stabilized rents provide rental income. The property is located in a high-demand rental area. This property is intended as a smart, income-producing home or a reliable asset.
Key Highlights
- Income‑producing property with two units plus a newly constructed ADU (2022‑2023)
- Opportunity to live in one unit and rent out the others
- Updated with modern finishes and recent enhancements
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
$50,502
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
3.38%
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%
$1,010,040
$1.0M
Cap Rate 7%
$721,457
$721.5K
Cap Rate 9%
$561,133
$561.1K
Market Conditions
NOI Build-Up for 2,330 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
$76.9K $33.00/SF
− Vacancy
−$4.7K −$2.04/SF
EGI
$72.1K $30.96/SF
− OpEx
−$21.6K −$9.29/SF
NOI
$50.5K $21.67/SF
Area
Glendale, CA
Vacancy
6.17%
Lease Rate
$33.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,010,040
Cap Rate 7%
$721,457
Cap Rate 9%
$561,133
Alternative Uses
Best Use
Multifamily LT 5
$721.5K
$631.3K – $841.7K
NOI $50,502 @ 7.0% cap · market cap 3.38%
Second Best
Apartment 5plus
$626.5K
$548.2K – $730.9K
NOI $43,854 @ 7.0% cap · market cap 2.93%
Theoretical Best
Specialty Retail
$1.40M
$1.23M – $1.63M
NOI $98,092 @ 7.0% cap · market cap 6.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,271
Businesses Nearby
Explore this area
Business Placement
Demographics for 91206, CA
33,252
Population
13,767
Households
2.4
Avg Household Size
43
Median Age
47%
College-Educated
90%
High-School Grad
5.8 sq mi
ZIP Area
5,733
Density / Sq Mi
$86,684
Median Household Income
$52,517
Median Earnings
$2,159
Median Rent
$1,094,100
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?
Triplex - Residential income property featuring two units plus a new ADU.
Where is this triplex located?
The property is located at 609 Corwin Avenue Glendale, CA.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: Income‑producing property with two units plus a newly constructed ADU (2022‑2023); Opportunity to live in one unit and rent out the others; Updated with modern finishes and recent enhancements
