Quadplex With Rear
For Sale
$1,695,000
804 E Palmer Ave, Glendale, CA 91205
Vacant apartment units accompany an occupied rear ADU and approved plans for larger layouts.
Property Size4,499 SF
Price / SF$376.75
Days on Market14
Property Features for 804 E Palmer Ave
General Information
Standard status
Active
Size
4,499 SF
Property subtype
MULTI_FAMILY
Property Condition
Severity
Repairs Needed
Evidence
minor fixer
Units
Unit Mix
4 x 1BR/1BA, 1 x 1BR/1BA
Multifamily Units
5
Building Details
Building Size
4,499 SF
Year Built
1927
Listing Agency:
Westgate Capital
(818) 500-7997
Listed By:
Meroojohn Ordubegian · License #01064157
Source:
Carolinakramer
Added: Aug 14
Changed: Aug 24
Last Checked: Aug 26 at 2:03PM
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 Westgate Capital
Investment Insights
Based on property information with market context.
This Glendale quadplex includes four vacant 1-bedroom, 1-bathroom units and a separate rear ADU with its own 1-bedroom, 1-bathroom layout. The ADU is occupied by a Section 8 tenant. Approved plans provide for reconfiguring the four existing apartments into 2-bedroom, 1-bathroom units. Each unit has a separate electrical meter, and the property was built in 1927.
Located at 804 E Palmer Ave in Glendale, the property has a Walk Score of 97, a Bike Score of 66, and a Transit Score of 65. The existing unit mix, approved plans, and separate metering define the property's current configuration and planned renovation scope.
Located at 804 E Palmer Ave in Glendale, the property has a Walk Score of 97, a Bike Score of 66, and a Transit Score of 65. The existing unit mix, approved plans, and separate metering define the property's current configuration and planned renovation scope.
Key Highlights
- Four 1‑bedroom, 1‑bathroom units are currently vacant
- Separate rear 1‑bedroom, 1‑bathroom ADU occupied by a Section 8 tenant
- Approved plans to convert the four existing units to 2‑bedroom, 1‑bathroom layouts
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
$97,515
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
5.75%
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%
$1,950,300
$2.0M
Cap Rate 7%
$1,393,071
$1.4M
Cap Rate 9%
$1,083,500
$1.1M
Market Conditions
NOI Build-Up for 4,499 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
$148.5K $33.00/SF
− Vacancy
−$9.2K −$2.04/SF
EGI
$139.3K $30.96/SF
− OpEx
−$41.8K −$9.29/SF
NOI
$97.5K $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%
$1,950,300
Cap Rate 7%
$1,393,071
Cap Rate 9%
$1,083,500
Alternative Uses
Best Use
Multifamily LT 5
$1.39M
$1.22M – $1.63M
NOI $97,515 @ 7.0% cap · market cap 5.75%
Second Best
Apartment 5plus
$1.21M
$1.06M – $1.41M
NOI $84,678 @ 7.0% cap · market cap 5.00%
Theoretical Best
Specialty Retail
$2.71M
$2.37M – $3.16M
NOI $189,407 @ 7.0% cap · market cap 11.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,784
Businesses Nearby
Explore this area
Business Placement
Demographics for 91205, CA
36,693
Population
14,424
Households
2.5
Avg Household Size
41
Median Age
39%
College-Educated
84%
High-School Grad
1.9 sq mi
ZIP Area
19,312
Density / Sq Mi
$59,005
Median Household Income
$42,393
Median Earnings
$1,890
Median Rent
$763,100
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?
Quadplex - Vacant apartment units accompany an occupied rear ADU and approved plans for larger layouts.
Where is this quadplex located?
The property is located at 804 E Palmer Ave Glendale, CA.
What is the asking price?
The asking price for this property is $1,695,000.
What are key features of this property?
This property features: Four 1‑bedroom, 1‑bathroom units are currently vacant; Separate rear 1‑bedroom, 1‑bathroom ADU occupied by a Section 8 tenant; Approved plans to convert the four existing units to 2‑bedroom, 1‑bathroom layouts
