214 E Chevy Chase Dr
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214 E Chevy Chase Dr
16 Unit Apartment Building $4,400,000 ($275,000/Unit) 4.45% Cap Rate Glendale, CA 91205
Investment Highlights
- Value-Add Property
- Well Maintained Property
- Short Distance to Americana, Galleria, and Downtown Glendale
- 36% Rental Upside
- On-Site Parking – Seventeen Spaces
- Landlord Friendly City – Glendale is Subject to AB1482 and Allows Higher Rental Increase Amounts than the City of LA or Unincorporated LA
Executive Summary
Marcus & Millichap is pleased to present Chevy Chase Manor, a sixteen unit multifamily investment opportunity located in the Tropico neighborhood of South Glendale. This well-maintained asset will provide the next investor with roughly 36% in rental upside that can be captured through the implementation of an interior and exterior renovation
program.
Constructed in 1964, Chevy Chase Manor comprises fourteen one bedroom/one-bathroom units and two two-bedroom/one-and-half bathroom units. Sitting on a 9,582 square foot lot, this 10,674 square foot building boasts average unit sizes of roughly 667 square feet. All units have separate meters for gas and electricity. There is on-site
laundry at the garage, two central hot water heaters, and seventeen tenant storage cabinets. The property offers seventeen parking spaces, two of which have been converted into large owner’s storage units, and fire sprinklers throughout the parking lot. The property is zoned R2250, making the existing sixteen units irreplaceable with the current zoning. This is truly the highest and best use for this parcel.
program.
Constructed in 1964, Chevy Chase Manor comprises fourteen one bedroom/one-bathroom units and two two-bedroom/one-and-half bathroom units. Sitting on a 9,582 square foot lot, this 10,674 square foot building boasts average unit sizes of roughly 667 square feet. All units have separate meters for gas and electricity. There is on-site
laundry at the garage, two central hot water heaters, and seventeen tenant storage cabinets. The property offers seventeen parking spaces, two of which have been converted into large owner’s storage units, and fire sprinklers throughout the parking lot. The property is zoned R2250, making the existing sixteen units irreplaceable with the current zoning. This is truly the highest and best use for this parcel.
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 | $4,400,000 | Apartment Style | Low Rise |
| Price Per Unit | $275,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.22 AC |
| Cap Rate | 4.45% | Building Size | 10,674 SF |
| Gross Rent Multiplier | 13.78 | Average Occupancy | 100% |
| No. Units | 16 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1964 |
| Property Subtype | Apartment | Parking Ratio | 1.59/1,000 SF |
| Price | $4,400,000 |
| Price Per Unit | $275,000 |
| Sale Type | Investment |
| Cap Rate | 4.45% |
| Gross Rent Multiplier | 13.78 |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.22 AC |
| Building Size | 10,674 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1964 |
| Parking Ratio | 1.59/1,000 SF |
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Range
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 14 | - | 650 |
| 2+1.5 | 2 | - | 600 |
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Walk Score ®
Walker's Paradise (94)
PROPERTY TAXES
| Parcel Number | 5640-014-011 | Total Assessment | $2,884,376 (2024) |
| Land Assessment | $1,201,823 (2024) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $1,682,553 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
5640-014-011
Land Assessment
$1,201,823 (2024)
Improvements Assessment
$1,682,553 (2024)
Total Assessment
$2,884,376 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2023
zoning
| Zoning Code | R2250 |
| R2250 |
-
Sevak Keshishian -
Shara Parseghian -
The SK Group of Marcus & Millichap
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214 E Chevy Chase Dr
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