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North of Glenoaks | No LA Rent Control 1157 Justin Ave

8 Unit Apartment Building $3,195,000 ($399,375/Unit) 5% Cap Rate Glendale, CA 91201

INVESTMENT HIGHLIGHTS

  • Not Subject to Los Angeles Rent Control – Higher Allowable Rent Increases Under AB1482
  • Outstanding Location North of Glenoaks Boulevard on Border Between Two of Los Angeles Metro’s Most Desirable Cities, Glendale and Burbank
  • Vast Majority of Units Upgraded – New Granite Countertops, New Wood Flooring, New AC Units, New Dual Pane Windows
  • Excellent Unit Mix – Almost Entirely Two-Bedroom Units
  • All New Electric Subpanels, New Water Heater, Mostly Copper Plumbing
  • No Seismic Retrofit Repairs Required (Buyer to Verify)

EXECUTIVE SUMMARY

Marcus & Millichap is pleased to announce the opportunity to purchase 1157 Justin Avenue, an eight-unit multifamily property located in the preferred “north of Glenoaks” district within the city of Glendale, CA, blocks from the Burbank border. With a unit mix featuring mostly large two-bedroom apartments, the property offers an investor stable cash flow with the opportunity to increase income further by capitalizing on rent upside. Because the building is not subject to Los Angeles Rent Control, a new owner can improve rental income more rapidly via AB 1482.
In addition to installing brand new electric subpanels in all units, the current owner has upgraded the vast majority of units to include new granite countertops, new wood laminate flooring, new dual pane windows, and new AC units. Plumbing throughout the building is mostly copper pipes, while the building features a new water heater and new roof insulation as well. An additional income stream is generated via the on-site laundry facilities, which are owned by the landlord.
This location features strong tenant demographics, with several major employers nearby in both Glendale and Burbank. Walt Disney Studios, Warner Brothers Studios, Walt Disney Imagineering, and Dreamworks Animation are all within a short distance. The Los Angeles Zoo, Griffith Park, Universal Studios, and the Los Angeles Equestrian Center are all situated near the property as well.
The high-end Americana at Brand and the remodeled Glendale Galleria are both a short drive from the property, as are the Burbank Town Center and Burbank Empire Shopping Center. The largest IKEA store in North America sits within blocks of the property, as do Trader Joe’s, Ralphs, CVS, The Home Depot, and Smart & Final.

FINANCIAL SUMMARY (ACTUAL - 2023) Click Here to Access

ANNUAL ANNUAL PER SF
Gross Rental Income $99,999 $9.99
Other Income $99,999 $9.99
Vacancy Loss $99,999 $9.99
Effective Gross Income $99,999 $9.99
Taxes $99,999 $9.99
Operating Expenses $99,999 $9.99
Total Expenses $99,999 $9.99
Net Operating Income $99,999 $9.99

FINANCIAL SUMMARY (ACTUAL - 2023) Click Here to Access

Gross Rental Income
Annual $99,999
Annual Per SF $9.99
Other Income
Annual $99,999
Annual Per SF $9.99
Vacancy Loss
Annual $99,999
Annual Per SF $9.99
Effective Gross Income
Annual $99,999
Annual Per SF $9.99
Taxes
Annual $99,999
Annual Per SF $9.99
Operating Expenses
Annual $99,999
Annual Per SF $9.99
Total Expenses
Annual $99,999
Annual Per SF $9.99
Net Operating Income
Annual $99,999
Annual Per SF $9.99

PROPERTY FACTS

Price $3,195,000
Price Per Unit $399,375
Sale Type Investment
Cap Rate 5%
Gross Rent Multiplier 13.82
No. Units 8
Property Type Multifamily
Property Subtype Apartment
Apartment Style Low-Rise
Building Class C
Lot Size 0.18 AC
Building Size 7,089 SF
Average Occupancy 100%
No. Stories 2
Year Built 1963

UNIT AMENITIES

  • Air Conditioning
  • Balcony
  • Disposal
  • Storage Space
  • Hardwood Floors
  • Range

SITE AMENITIES

  • 24 Hour Access
  • Laundry Facilities
  • Walk-Up
  • Smoke Detector

UNIT MIX INFORMATION

DESCRIPTION NO. UNITS AVG. RENT/MO SF
1+1 2 $2,000 600
2+1 3 $2,300 900
2+2 3 $2,750 1,000 - 1,100
Walk Score®
Very Walkable (84)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
5623-012-005
Land Assessment
$1,160,137 (2024)
Improvements Assessment
$1,740,207 (2024)
Total Assessment
$2,900,344 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2023

ZONING

Zoning Code GLR4YY
GLR4YY
  • Listing ID: 33691756

  • Date on Market: 10/30/2024

  • Last Updated:

  • Address: 1157 Justin Ave, Glendale, CA 91201

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