Address
1060 Elm Avenue Glendale, CA
Price
$ 7,450,000
Property Attributes
  • MLS#AR21147178
  • TypePending
  • CountyLOS ANGELES
  • CityGlendale
  • AreaGlendale-Northwest
  • Zip91201
  • StyleApartment
  • Price$ 7,450,000
  • Bedrooms26
  • Full Bathrooms26
  • Half Bathrooms0
  • Sqr Footage15110
  • Lot Size0.36 Acres
Listing Provided Courtesy Of:
Handoko Chen with GIG Real Estate Inc. - 626-594-4900
Data Source:
California Regional MLS (CRMLS) - 25 - CA
Property Description

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.

Price History
7/7/2021 Listed $7,570,000
10/18/2021 2% - $7,450,000

General Features

Co-Listing Agent State License # 01737872
Co-listing Agent Jeanelle Mountford - BRE#01737872
Community Features Suburban
Cooling Wall/Window Unit(s)
Electric Standard
Garage Spaces 31
Garage Y/N Yes
Heating Wall Furnace
Levels Two
Listing Agent Handoko Chen - BRE#01749321
Listing Agent State License 01749321
Lot Size Square Feet 15533
MLS Area 626 - Glendale-Northwest
Pool Features None
Property Attached Y/N Yes
Property Sub Type Additional Apartment
Property SubType Apartment
Property Type Residential Income
Senior Community Y/N No
Sewer Public Sewer
Spa Features None
Special Listing Conditions Standard
Status Pending
Stories 2
Terms Cash, Cash to New Loan
Total Actual Rent 38230
Total Units 21
Utilities Cable Available, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected
Virtual Tour http://growthinvestmentgroup.com/listingdetail.aspx?pid=10323
Water Sewer Expense 10106
Zoning GLR4*

Interior Features

Air Conditioning Y/N Yes
Common Walls 2+ Common Walls
Fireplace Features None
Heating Y/N Yes
Laundry Features Common Area

Exterior Features

Lot Features Level, Near Public Transit, Rectangular Lot
Lot Size Acres 0.36
Lot Size Area 15533
Lot Size Source Assessor
Lot Size Units Square Feet
Number of Buildings 1
Number of Separate Electric Meters 21
Number of Separate Gas Meters 21
Number of Separate Water Meters 1
Parking Features Covered
Total Parking 31
Water Source Public

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Pending Average in 91201

Price
AVG $4.46M
$7.45M
Visits
AVG 55
168
Year Built
AVG 1955
1977
Walkscore
AVG 79
87
Data Provided by Walkscore ® not using MLS data

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