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Key Details
Sold Price $5,575,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 11,862 sqft
Price per Sqft $469
MLS Listing ID 24383021
Sold Date 08/13/24
Bedrooms 26
HOA Y/N No
Year Built 1988
Lot Size 0.310 Acres
Property Description
719 Orange Grove is a courtyard-style complex located 0.7 miles from The Americana and features a majority of 2-bdrm. and 2 bath units. Located just north of Glendale Ave. and Colorado St, 719 Orange Grove is 0.5 miles from the Glendale Fashion Center, and 0.7 miles from The Americana and the Glendale Galleria. The property is near a vibrant downtown district that is the perfect destination for living, working, and playing. Built in 1988, the property features an enticing unit mix of (12) 2-bdrm. and 2-bath units, (2) 1-bdrm. units, and a non-conforming studio unit. Most units feature wood-laminate flooring, stainless-steel appliances, central air conditioning, and private balconies. Property amenities include controlled access, secured covered parking, and a community laundry room. Please note that the City of Glendale currently allows an 8.8% annual rental increase (5% + CPI). 719 Orange Grove is offered at a 4.91% CAP and 13.75 GRM on current rents with approx. 30% rental upside. The property will stabilize at a 6.21% CAP and 11.64 GRM at the list price. Located near notable employers (KABC-7, Adventist Health Glendale Hospital and Walt Disney Animation) and blocks from Downtown Glendale, 719 Orange Grove is an ideal value-add property in the heart of a family-focused community.
Location
State CA
County Los Angeles
Area 628 - Glendale-South Of 134 Fwy
Zoning GLR4*
Interior
Heating Central
Cooling Central Air
Fireplace No
Appliance Dishwasher, Disposal, Refrigerator
Laundry Common Area
Exterior
Parking Features Covered, Side By Side
Community Features Gated
View Y/N No
View None
Total Parking Spaces 24
Building
Faces South
Story 2
Entry Level Multi/Split
Level or Stories Multi/Split
New Construction No
Others
Senior Community No
Tax ID 5674017052
Security Features Gated Community
Special Listing Condition Standard
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Bought with Kenny Stevens • Compass
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Monique H. Ott-Beacham
Broker | License ID: DRE #01448692
Broker License ID: DRE #01448692