Four-Unit Residential Income
638 Salem Street Glendale, CA 91203
638 Salem Street, Glendale, CA, 91203
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For Sale
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Well-maintained four-unit property with a main 2-bedroom residence, plus three rental units with outdoor space.
Property Size2,378 SF
Price / SF$651.81
Days on Market35
Property Features for 638 Salem Street
General Information
- Standard status
- Active
- Size
- 2,378 SF
- Property subtype
- Multifamily
Listing agency
Lion Group Investments Inc
(818) 434-4040
Listed by
Christina Karapetyan · License #CA 01431798
Source
Crexi
Added: Jun 17 Updated: Jul 21 at 4:58PM Checked: Jul 21 at 4:58PM
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 Lion Group Investments Inc
Investment Insights
Based on property information with market context.
This well-maintained four-unit residential income property includes a front 2-bedroom, 1-bath home with central heating and air conditioning, in-unit laundry, a covered front porch, and a detached garage. Behind the main house are three additional rental units designed with detached walls to help enhance privacy and minimize noise, with access to private and shared outdoor areas including small backyard spaces.
Unit A is a studio with approximately 302 square feet, with easy street parking available. Unit B is a two-bedroom, one-bath unit with approximately 624 square feet, outdoor space for seating, and two tandem parking spots on the driveway. Unit C is a one-bedroom, one-bath unit with approximately 458 square feet and a private patio for seating, along with easy street parking available. The back units share access to coin-operated communal laundry facilities.
Improvements noted include a new washing machine and new dishwasher in the main house (2017), along with additional upgrades listed for Unit A (including a new water heater, new refrigerator, and new stove/oven). The property currently generates approximately $9,180 per month in rental income. The possibility of future ADU development is mentioned, subject to buyer verification.
Unit A is a studio with approximately 302 square feet, with easy street parking available. Unit B is a two-bedroom, one-bath unit with approximately 624 square feet, outdoor space for seating, and two tandem parking spots on the driveway. Unit C is a one-bedroom, one-bath unit with approximately 458 square feet and a private patio for seating, along with easy street parking available. The back units share access to coin-operated communal laundry facilities.
Improvements noted include a new washing machine and new dishwasher in the main house (2017), along with additional upgrades listed for Unit A (including a new water heater, new refrigerator, and new stove/oven). The property currently generates approximately $9,180 per month in rental income. The possibility of future ADU development is mentioned, subject to buyer verification.
Key Highlights
- Four‑unit income property with approximately $9,180/month in rental income (as stated)
- Front residence: 2 bed, 1 bath, approximately 994 SF with central heating and A/C, in‑unit laundry, covered front porch, and detached garage
- Unit A: 302 SF studio with easy street parking; rear communal laundry access included
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $78.5k | $33.00 |
| − Vacancy | −$4.8k | −$2.04 |
| EGI | $73.6k | $30.96 |
| − OpEx | −$22.1k | −$9.29 |
| NOI | $51.5k | $21.67 |
2,378 SF · lease $33.00/SF/yr · vacancy 6.17% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$736.3K
$644.3K – $859.1K
NOI $51,543 @ 7.0% cap · market cap 3.33%
Second Best
Apartment 5plus
$639.4K
$559.5K – $746.0K
NOI $44,758 @ 7.0% cap · market cap 2.89%
Theoretical Best
Specialty Retail
$1.43M
$1.25M – $1.67M
NOI $100,113 @ 7.0% cap · market cap 6.46%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Quadplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Quadplex - Well-maintained four-unit property with a main 2-bedroom residence, plus three rental units with outdoor space.
Where is this quadplex located?
The property is located at 638 Salem Street Glendale, CA.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: Four‑unit income property with approximately $9,180/month in rental income (as stated); Front residence: 2 bed, 1 bath, approximately 994 SF with central heating and A/C, in‑unit laundry, covered front porch, and detached garage; Unit A: 302 SF studio with easy street parking; rear communal laundry access included
