650 Dryden St Glendale, CA 91202-2848

Property Details for 650 Dryden St

Year built

1964

Construction

WOOD

Lot size

0.15 lot acres

Property size

4,986 SF

Zone code

GLR4YY

Property type

Apartment buildings

APN

5635-008-022

APU

5635008022

Description

This exceptional Glendale investment opportunity presents a 5-unit apartment building boasting a compelling value-add potential. The property, located at 650 W. Dryden St., features a total of 4,986 square feet on a 6,454 square foot lot, situated in a desirable neighborhood north of Glenoaks Boulevard. Built in 1964, this two-story building includes a mix of unit sizes: one 3-bedroom, 2-bathroom unit (approximately 1,540 sq ft), two 2-bedroom, 2-bathroom units (approximately 792 sq ft and 1,178 sq ft), and two 1-bedroom, 1-bathroom units (approximately 792 sq ft and 682 sq ft). Currently operating at 100% occupancy, generating a Net Operating Income (NOI) of $82,110, a pro-forma NOI of $117,991 is projected, reflecting a significant upside potential. The asking price is $2,299,000, representing a current cap rate of 3.57% and a pro-forma cap rate of 5.13%. Key features include a recently replaced roof (within the last 7 years), copper plumbing, separate gas and electric meters, five parking spaces, a common area laundry, and a spacious storage room. Two units are currently under Section 8. All tenants are on month-to-month leases, allowing for potential rent increases. The property's prime location offers proximity to schools, parks, and various amenities, including Moto Sushi, Starbucks, Paris Baguette, Mission Wine and Spirits, and Big Square Market. The property is zoned GLR4YY. The APN is 5635-008-022. This is a 1031 exchange eligible property. Interior inspection is required. Do not walk on property without prior authorization.