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Key Details
Sold Price $2,625,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 6,206 sqft
Price per Sqft $422
MLS Listing ID 24366386
Sold Date 08/09/24
Bedrooms 16
HOA Y/N No
Year Built 1953
Lot Size 10,210 Sqft
Property Description
Presented alongside the neighboring 427 E Acacia Avenue building, the two properties are available either individually or as a portfolio. The entire building consists of two bedroom apartments with rents ranging from $2,025 to $2,100, while similar properties are achieving rents above $2,700. A new investor may be able to capture the approximately 27% rent upside more rapidly as the property is granted higher allowable rent increases via AB 1482, when compared to other assets subject to Los Angeles rent control. The buildings are surrounded by attractive shopping and dining options. Mere blocks east, tenants can enjoy boutiques, coffeeshops, and restaurants in historic Adams Square. Several retailers and restaurants line both Glendale Avenue and Brand Boulevard, both major streets being within two blocks of the property. Less than one mile north are both the upscale Americana at Brand shopping center and the recently remodeled Glendale Galleria shopping mall.
Location
State CA
County Los Angeles
Area 628 - Glendale-South Of 134 Fwy
Zoning GLR4YY
Interior
Fireplace No
Exterior
Parking Features Assigned
Building
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 5675027014
Special Listing Condition Standard
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Bought with Elizabeth Manasserian • Boardwalk Properties & Investm
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Monique H. Ott-Beacham
Broker | License ID: DRE #01448692
Broker License ID: DRE #01448692