Building Details

Building Size 4,499 SF

Year Built 1927

Listing Agency: Westgate Capital

Listed By: Meroojohn Ordubegian · License #01064157 Show Phone

Source: Carolinakramer

Added: Aug 14 Changed: Oct 8 Last Checked: Oct 10 at 12:11AM

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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.

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 / Yr

$97,515

Cap Rate

5.95%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

NOI $97,515 @ 7.0% cap · market cap 5.95%

Second Best

Apartment 5plus

$1.21M

$1.06M – $1.41M (±1% cap)

NOI $84,678 @ 7.0% cap · market cap 5.17%

Theoretical Best

Specialty Retail

$2.71M

$2.37M – $3.16M (±1% cap)

NOI $189,407 @ 7.0% cap · market cap 11.56%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Quadplexes

Suggested Use

Top Pick Parking Lot & Garage (Bike/Boat/Book/etc) Store Restaurant Clothing & Fashion Store Veterinary Clinic Storage Facility

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this quadplexes located? What is the asking price? Find similar properties What are key features of this property?

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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 $1,638,000.

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