366 W Palmer Ave
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366 W Palmer Ave
6 Unit Apartment Building $1,800,000 ($300,000/Unit) 6.08% Cap Rate Glendale, CA 91204
Investment Highlights
- New Electrical & Copper Plumbing
- New asphalt and Concrete
- 3 Units Renovated (w/Washer and Dryer Hookups)
- Rear Structure Built in 1924
- New Roof Back Units
- ADU Potential w/ existing Garages
Executive Summary
We are pleased to present 366-368 W Palmer Ave, Glendale, CA 91204 – a multifamily investment rich in both financial upside and Historical significance. This 6-unit property, located in the highly desirable Tropico neighborhood of Glendale, offers an excellent opportunity for investors seeking both stable cash flow and long-term appreciation.
Key Investment Highlights:
Historic Significance: Constructed in 1897, this property was evaluated during the 2017 South Glendale Historic Resources Survey and recognized as a rare example of early residential development in Tropico. It’s eligible for listing in the Glendale Register under local Criterion 1, representing the earliest period of South Glendale’s residential history, and under local Criterion 3, for its outstanding residential vernacular architecture.
”The property is not currently registered as a historic property. The new owner has the opportunity to pursue historic designation for added recognition and potential benefits.”
Architectural Integrity: The property retains many of its original, character-defining features, including its two-story height, rectangular plan, hipped roof with flared and bracketed eaves, central attic dormer, and wood lap siding. These architectural elements add value and appeal, making it a unique asset in Glendale's multifamily market.
Value-Add Potential: In addition to its historical appeal, there is the opportunity to convert the existing garage into an (ADU), further boosting rental income with minimal capital investment.
With its blend of historical charm, architectural integrity, and income-generating potential, 366-368 W Palmer Ave presents a unique opportunity for investors looking to capitalize on both cultural heritage and future growth.
GRM of 12.18 and 6.08 CAP can be achieved converting the current existing Garages into ADU's.
Call or email agent for marketing package.
Also, ask the listing agent regarding portfolio sale near by.
Key Investment Highlights:
Historic Significance: Constructed in 1897, this property was evaluated during the 2017 South Glendale Historic Resources Survey and recognized as a rare example of early residential development in Tropico. It’s eligible for listing in the Glendale Register under local Criterion 1, representing the earliest period of South Glendale’s residential history, and under local Criterion 3, for its outstanding residential vernacular architecture.
”The property is not currently registered as a historic property. The new owner has the opportunity to pursue historic designation for added recognition and potential benefits.”
Architectural Integrity: The property retains many of its original, character-defining features, including its two-story height, rectangular plan, hipped roof with flared and bracketed eaves, central attic dormer, and wood lap siding. These architectural elements add value and appeal, making it a unique asset in Glendale's multifamily market.
Value-Add Potential: In addition to its historical appeal, there is the opportunity to convert the existing garage into an (ADU), further boosting rental income with minimal capital investment.
With its blend of historical charm, architectural integrity, and income-generating potential, 366-368 W Palmer Ave presents a unique opportunity for investors looking to capitalize on both cultural heritage and future growth.
GRM of 12.18 and 6.08 CAP can be achieved converting the current existing Garages into ADU's.
Call or email agent for marketing package.
Also, ask the listing agent regarding portfolio sale near by.
Property Facts
| Price | $1,800,000 | Property Subtype | Apartment |
| Price Per Unit | $300,000 | Apartment Style | Low Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 6.08% | Lot Size | 0.22 AC |
| Sale Conditions | 1031 Exchange | Building Size | 4,072 SF |
| Gross Rent Multiplier | 12.18 | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1897/2023 |
| Price | $1,800,000 |
| Price Per Unit | $300,000 |
| Sale Type | Investment |
| Cap Rate | 6.08% |
| Sale Conditions | 1031 Exchange |
| Gross Rent Multiplier | 12.18 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.22 AC |
| Building Size | 4,072 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1897/2023 |
Unit Amenities
- Washer/Dryer Hookup
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | - | - |
| 1+1 | 4 | - | - |
| 2+1 | 1 | - | - |
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Walk Score ®
Walker's Paradise (91)
PROPERTY TAXES
| Parcel Number | 5640-007-005 | Improvements Assessment | $984,280 |
| Land Assessment | $656,186 | Total Assessment | $1,640,466 |
PROPERTY TAXES
Parcel Number
5640-007-005
Land Assessment
$656,186
Improvements Assessment
$984,280
Total Assessment
$1,640,466
zoning
| Zoning Code | GLR4P |
| GLR4P |
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366 W Palmer Ave
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