Courtesy of Handoko Chen, GIG Real Estate Inc.,

1060 Elm Avenue

Glendale, CA, 91201

$7,450,000

$493 per ft²
$7,450,000
$493 per ft²
Pending
Pending
 - For Sale
carpenters-square
15,110 ft²
property_type
Condo
calendar
Built 1977
Income specified is income effective Jan 2022 (with latest rent increases). 1060 Elm Avenue, a value-add 21-unit apartment located in the highly desirable city of Glendale, bordered by the City of Burbank. The property offers superb location with access to many amenities, within walking distance to IKEA Burbank, Burbank Downtown, many shopping centers, close to schools, parks, local and national retailers, dining and upscale shopping, entertainment, and easy access to freeways (5 FWY and 134 FWY). The property has been in the same ownership since 2003 and most of the tenants are long-time tenants that are on month-to-month lease. This provides significant upside potential to add value by increasing rent and return. The property is a two-story garden style apartment community with gated, subterranean parking and secured entrance. It has an excellent curb appeal with nicely maintained center courtyard. It is situated on a residential street surrounded by other a single-family and condominium communities (across the street from a newly built modern, high-end condominiums). Built in 1977, it offers a superb unit mix of (1) 3 bed + 2 bath unit, (4) 2 bed + 2 bath units, (15) 1 bed + 1 bath units, and (1) Studio unit (non-conforming) with a total of 31 gated parking spaces on a lot size of ±15,532 SF with a total building size of ±15, 110 SF. The property has been well maintained throughout current ownership with recently incorporated cost-efficient features such as, electricity generating solar system (zero electric bill – owner gets credit from electric provider), “electric eye”, 600-gallon solar water central heating system (a $30,000 upgrade), newer polyurethane roof, dual-pane windows, many new air conditioning units, on-site laundry (machines owned), and 1.5 GPF plumbing. Each unit has a spacious layout, updated appliances with stainless steel sinks, tile and laminate wood flooring, and refreshed vanities, countertops and cabinetry. The Elm Apartments’ strong unit mix and excellent location is perfect for an investor seeking growth, stability, and a hedge against inflation. This property has been under the same ownership since 2003. A new owner will be able to increase rents with minimal capital injection upon vacancy, and further push rents with complete unit renovations. The property is subject to AB 1482 (annual rent increase is 5%+CPI) and the Glendale Rent Ordinance.
MLS ID:
AR21147178
Listed:
7/5/21
Updated:
12/1/21
Coldwell Banker Hallmark Realty
Edwin Ordubegian

Interior Features

Total Bedrooms
0
Total Bathrooms
0
Laundry Description
Common Area
Fireplace
None
Cooling
Wall/Window Unit(s)
Heating
Wall Furnace

Exterior/Building Features

Lot Size
0.36 acres lot
Lot Details
Level, Near Public Transit, Rectangular Lot
Sewer
Public Sewer

Other Property Details

Area Name
626 - Glendale-Northwest
HOA Amenities
Suburban
Attached Garage
Yes
Garage Spaces
31
Parking
Covered
Parking Total
31.0
County
Los Angeles
Utilities
Cable Available, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected
Water Source
Public
Pool
No
Pool Description
None
Total Stories
2
Zoning
GLR4*

Property History

Date
Event
Price
Value
10/26/21
Pending
-
-
10/18/21
Price Change
$7,450,000
-1%
10/14/21
Active
-
-
10/1/21
Pending
-
-

 

Courtesy of Handoko Chen, GIG Real Estate Inc.,

Based on information from California Regional Multiple Listing Service, Inc. as of 12/1/21. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing.  Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

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Data last updated 2:56 AM UTC, 12/1/21

Coldwell Banker Hallmark Realty
Edwin Ordubegian
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