Active
559 Glenwood Road
Glendale CA, 91202
$2,400,000
$361.34 per sqft
Active
13 Beds
7 Baths
6,642 sqft
Residential
Built in 1952
Listed by Neema Ahadian with Marcus & Millichap 310-909-5500
559 Glenwood Rd is a seven-unit multifamily property stands out as a rare find in a sought-after residential area, promising both stability and growth potential for investors.Located on the strategic corner of Clement Dr & Glenwood Rd, the property benefits from its proximity to key educational institutions and is nestled in an affluent neighborhood that boasts a high average household income. Its accessibility to Downtown Glendale, major shopping centers like the Glendale Galleria, and essential freeways positions it as an ideal residential choice for a wide range of tenants.The building is currently fully occupied, featuring a mix of one single and six two-bedroom units with six parking garages, each with dedicated parking. Recent rent adjustments have been implemented, affirming the property's strong income generation capability. Despite its well-maintained status, highlighted by quality interior finishes such as hardwood flooring and recessed lighting, the property offers significant upside potential. With most units rented below market rates, strategic upgrades and unit turnovers could lead to an increase in rental income by over 45%.Offered at a competitive price per unit and per square foot, this investment presents a rare opportunity to enter or expand in the Glendale market. The combination of its location, full occupancy, and untapped value-add potential, set against a backdrop of limited market inventory, makes it a compelling choice for those looking to invest in a thriving residential rental market.
24374047
MLSⓇ ID
March 26, 2024
Listed
April 3, 2024
Updated
Map
559 Glenwood Road
Glendale CA, 91202
Interior Features
Total Stories
2
Bedrooms
13
Total Bathrooms
7
Fireplace
No
Cooling
No
Heating
Yes
Heating Description
Wall Furnace
Exterior/Building Features
Lot Size
0.24 Acres
Other Property Details
Area Name
626 - Glendale-Northwest
Days on Market
8
Garage
Yes
Parking
Garage
Parking Total
6
View
No
County
Los Angeles
Pool
No
Zoning
GLR4YY
Buyer Agency Compensation
1.5%
Listing Contact: 310-909-5500
Based on information from the California Regional Multiple Listing Service (CRMLS) as of 4/3/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.
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Data last updated on 4/3/2024 at 1:39 PM UTC