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Property profile & analytics
OFF-MARKET
Estimated value
$2,620,000
Apartment buildings
515 Lexington Dr Glendale, CA 91203-3017
Entity Owned
1-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US09-7901318
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1988
Construction
WOOD
Total area
4,642 SF
Lot
0.14 ac (5,954 SF)
Zoning code
GLR4YY
APN
5637-013-048
UPID
US09-7901318
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$2.63M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.68M
Blend (final)
Blend
$2.62M
Owner & transaction history
515 W Lexington Dr LLC · 1 yrs held
515 W Lexington Dr LLC
since 2025
Last sale
$2.7M
7 recorded transactions
Zoning & alternative use
GLR4YY · Glendale, CA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Neighborhood: shopping center
$2.8M
+130.2%
Office building
$2.4M
+95.2%
Retail stores
$2.4M
+94.9%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Glendale submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Glendale submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$2,545,000
ML approach
$2,630,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
NEIGHBORHOOD: SHOPPING CENTER
$2,825,000
Change: +130% · Conversion: Difficult
OFFICE BUILDING
$2,395,000
Change: +95% · Conversion: Moderate
RETAIL STORES
$2,390,000
Change: +95% · Conversion: Difficult
AUTO REPAIR, GARAGE
$2,325,000
Change: +89% · Conversion: Difficult
MEDICAL BUILDING
$2,110,000
Change: +72% · Conversion: Moderate
COMMERCIAL (GENERAL)
$1,880,000
Change: +53% · Conversion: Moderate
Blend value · Realmo final
$2.62M
Range $2.36M – $2.88M · ±10% · vs last sale $2.66M (Apr 24 2025)
Last sale anchor
$2.66M
Apr 24 2025
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$564 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$22,706
Tax year 2024
Assessed value
$2,010,989
Assessed 2024
Previous assessed
$2,010,989
+0.0% YoY
Effective rate
1.13%
On assessed value
Assessed land
$801,212
Assessed improvement
$1,209,777
Applied tax rate
4.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Status
Off-Market
Year built
1988
Construction
WOOD
Heating
NONE
Cooling
CENTRAL
Stories
1
Units
6
Rooms
5
Bathrooms
10
Total area
4,642 SF
Lot
0.14 ac (5,954 SF)
Zoning code
GLR4YY
APN
5637-013-048
UPID
US09-7901318
Jurisdiction
LOS ANGELES
Metro division
LOS ANGELES-LONG BEACH-GLENDALE, CA METROPOLITAN DIVISION
Zoning & alternative use
GLR4YY · Glendale, CA
Zoning GLR4YY · permitted uses
GLR4YY · Glendale, CA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Glendale. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$2.8M
OFFICE BUILDING
Est. value
$2.4M
RETAIL STORES
Est. value
$2.4M
AUTO REPAIR, GARAGE
Est. value
$2.3M
MEDICAL BUILDING
Est. value
$2.1M
COMMERCIAL (GENERAL)
Est. value
$1.9M
NEIGHBORHOOD: SHOPPING CENTER
OFFICE BUILDING
RETAIL STORES
AUTO REPAIR, GARAGE
MEDICAL BUILDING
COMMERCIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1988
Construction
WOOD
Heating
NONE
Cooling
Yes
Stories
1
Units
6
Rooms
5
Bathrooms
10
Lot
0.14 ac
Current owner
From public records · entity-resolved
515 W Lexington Dr LLC
Entity
Mailing address
1031 S CENTRAL AVE, GLENDALE, CA 91204-2210
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
11 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 24, 2025
$2,655,000
515 W Lexington Dr LLC
Commercial Alliance LLC
Grant Deed
—
May 26, 2022
—
Commercial Alliance LLC
—
Deed
related
$10,000 · Pacific Premier Bank
May 14, 2021
$1,895,000
Commercial Alliance LLC
Lexington Manor LLC
Grant Deed
$1,326,500 · Cathay Bank
Jan 26, 2012
—
Lexington Manor LLC
Mekjian Helen Trust
Quit Claim Deed
related
—
Jun 28, 2011
$1,190,000
Mekjian Helen Trust
Dolmaian,arsham & Larisa
Grant Deed
—
Oct 10, 2003
—
Arsham Dolmaian
Dolmaian,arsham
Quit Claim Deed
related
$525,000 · Washington Mutual Fsb
Apr 18, 1994
—
Arsham Dolmaian
Dolmaian,l
Quit Claim Deed
related
—
Mar 2, 1993
$122,000
Arsham Dolmaian
Sarkissian,garbi
Grant Deed
$25,000 · Individual
Mar 27, 1990
$170,500
Vazgen Sarkisian
Sarkissian Garbi
Grant Deed
related
—
Oct 12, 1988
—
Garbi Sarkissian
—
Deed Of Trust
related
$380,000 · Glendale Federal Bank
—
—
Vazgen Sarkisian
—
Deed Of Trust
related
$100,000 · Sarkissian G&a
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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