Six Courtyard Style Units in Prime Glendale
117-119 Magnolia Ave
# of Units: 6
Current & Pro Forma GRM:
Current & Pro Forma CAP Rate: 4.20%/5.41%
Building SF: 10,192
Lot SF: 3,488
Year Built: 1939
Fantastic opportunity to own a six unit multifamily property in prime Glendale near Adams Hill. Nestled on a tree lined street between Brand Blvd & San Fernando Rd, all 6 units are 1BR+1BA and range between 570 - 606 SF each (per title). Built in the late 1930's, the property has charming original features such as bay windows, curved ceilings, tile mosaics, built ins, and more. Some units have newer upgrades such as laminate wood floors, and the electrical has been upgraded throughout. Additionally, there is a laundry room and garages in the rear. The property was originally built as “Own Your Own” homes back then, and each unit has their own separate parcel number. Title considers them condos, but there is no HOA.
Glendale is a city in Los Angeles that is home to DreamWorks and The Walt Disney Company. Glendale has served as a major production center for the entertainment industry. It has excellent shopping (Glendale Galleria & The Americana), restaurants (Din Tai Fung, Raffis Place, & More), and entertainment options. The average home value in Glendale is $1,075,167, and is up 1.4% over the past year
This Opportunity Represents a Trophy Asset in a Prime Location That Any Seasoned Investor Would Be Excited To Purchase.
Excellent Price Per Unit & Price Per Square Foot - Superb Value For The Price!
All Units Have Only 1 Occupant, Except for 1 Unit that has 2 tenants.
All Units Have Their Own APN
Units Show Well and Have Been Lovingly Maintained By The Same Family For Years.
Six - 1 Car Garages in Rear With Aluminum Garage Doors
Many Charming Original Details: Bay Windows & Window Seats, Tile Mosaics, Curved Ceilings, Built-Ins, and Formal Dining Rooms.
Upgrades: Some New Heaters, Some Laminate Wood Flooring, Horizontal Plumbing is Copper, Fully Upgraded Electrical & Electrical Meters, 2 Sewer Lines Replaced appx. 1-2 Years Ago, New Hot Water Heater, Sink & Flooring in Laundry Room.
Fantastic Location in Glendale adjacent to Adams Hill & the Auto Row with easy access to 5, 2 & 134 freeways. Less than 1 mile from the Americana at Brand and the Glendale Galleria! Close to Costco, Glendale Memorial Hospital, Forest Lawn, Atwater Village, and much more.