1700 Del Valle Ave Glendale, CA 91208-2341

Property Details for 1700 Del Valle Ave

Year built

1948

Construction

WOOD

Lot size

0.29 lot acres

Property size

8,252 SF

Zone code

GLR4-L*

Property type

Apartment buildings

APN

5653-013-009

APU

5653013009

Description

This exceptional 8-unit apartment building presents a compelling investment opportunity in Glendale, California. Situated on a sizable 12,676 square foot lot, the property features 8,252 square feet of net rentable space, encompassing a desirable mix of unit sizes: five 1-bedroom/1-bathroom, two 2-bedroom/1-bathroom, and one 3-bedroom/2-bathroom units. Built in 1948, the two-building, three-story complex offers eight parking spaces, including three private garages and a five-vehicle carport. Currently operating at 75% occupancy, with a projected occupancy date of November 12, 2024, the property boasts a current NOI of $131,980 and a pro-forma NOI of $168,073, representing a 4.89% cap rate and a pro-forma cap rate of 6.22%. The asking price is $2,700,000, or $337,500 per unit. Two vacant 2-bedroom units offer immediate value-add potential through renovations and market rent adjustments. The property benefits from on-site laundry and a utility bill-back program, maximizing income potential. Located in the desirable Verdugo Woodlands neighborhood, near Glendale Community College and Montrose Village Square, this property enjoys convenient access to major freeways (2, 134, and 210), providing easy commutes to Burbank, Pasadena, Eagle Rock, and Downtown Los Angeles. The property is zoned R1650, offering potential for future development. This is a rare opportunity to acquire a well-located, value-add multifamily property in a thriving Glendale market.