125 W Chestnut Street
Glendale, CA 91204
11120 sqft | 10 beds | 0.20 acres | #24413281
Description
With current rents averaging only $2.02 per square foot, the property allows ample room for consistent income improvement. A new investor may be able to capture the approximately 62% rent upside more rapidly as well, as the property is granted higher allowable rent increases via AB 1482, when compared to other assets subject to more prohibitive local rent control. Situated in the heart of Glendale, near the intersection of Brand Boulevard and Colorado Boulevard, the building offers tenants numerous dining and shopping options, as reflected in its high Walk Score of 96. Between the Americana at Brand and the revamped Glendale Galleria, both just three blocks north, tenants gain convenient access to destinations such as Din Tai Fung, The Cheesecake Factory, Bacari GDL, and Bourbon Steak. Local retailers include Tiffany & Co., Nordstrom, The Apple Store, Lululemon, and Target. In addition to cash flow improvements gained through rent increases, a new owner may also benefit from the supplemental revenue streams that the building offers. The large basement could potentially be leased to tenants for extra storage income. Also, recent new leases have included tenants paying an additional $150 per month toward utility expenses, similar to a RUBS program. Applying this blueprint to other new tenants moving forward can dramatically improve the owner's income.
Property Details
- Property SubtypeResidentialIncome
- Property TypeMulti-Family
- CountyLos Angeles
- Original List Price$3,250,000
- MLS #24413281
- MLS #24413281
- Cost3150000
- Acres0.2031
- Square Feet11120
- Year Built1931
- Bedrooms10
- Stories2
Location
Legal
The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
Based on information from California Regional Multiple Listing Service, Inc. as of the most recent time synced and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
Last Updated: . Source: CRMLS
Listing Courtesy
Listing Agent: Roderick 'Rick' Raymundo (#CLW-C126070)
Listing Office: Marcus & Millichap (#CLW-X75151)
Note: The results shown are estimates only and do not include all factors. Speak with a licensed agent or loan provider for exact details. This tool is sourced from CloseHack.