
North of Glenoaks | No LA Rent Control | 1157 Justin Ave
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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.
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 | Apartment Style | Low-Rise |
Price Per Unit | $399,375 | Building Class | C |
Sale Type | Investment | Lot Size | 0.18 AC |
Cap Rate | 5% | Building Size | 7,089 SF |
Gross Rent Multiplier | 13.82 | Average Occupancy | 100% |
No. Units | 8 | No. Stories | 2 |
Property Type | Multifamily | Year Built | 1963 |
Property Subtype | Apartment |
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 |
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Walk Score®
Very Walkable (84)
PROPERTY TAXES
Parcel Number | 5623-012-005 | Total Assessment | $2,900,344 (2024) |
Land Assessment | $1,160,137 (2024) | Annual Taxes | ($1) ($0.00/SF) |
Improvements Assessment | $1,740,207 (2024) | Tax Year | 2023 |
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 |
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North of Glenoaks | No LA Rent Control | 1157 Justin Ave
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