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Multifamily

451 Hawthorne St

451 Hawthorne St, Glendale, CA 91204

Listing Price: $11,550,000

Cap Rate
3.74%
Number of Units
25
GRM
17.11
Price/Unit
$462,000
Price/Gross SF
$487.90
Gross SF
23,673

Investment Overview

Marcus & Millichap is pleased to present an exceptional investment opportunity: 451 Hawthorne St, a 25-unit multifamily property located in the Moorpark neighborhood, just steps away from Downtown Glendale. This property, offered for sale for the first time in 33 years, represents a rare generational investment in the highly sought-after Downtown Glendale area, situated only one block from the Glendale Galleria and two blocks from the Americana on Brand.

What sets 451 Hawthorne apart from other properties of similar vintage in Glendale is its distinctive architecture and layout, making it an ideal choice for investors seeking over 20% in rental upside through an interior and exterior renovation program. The property's value is further solidified by its zoning designation as R1250, which prohibits future multifamily developments of this size at this prime location.

Constructed in 1989, this three-story property comprises six 1-bedroom/1-bathroom units, one 1-bedroom/1.5-bathroom + office townhouse unit, and eighteen 2-bedroom/2-bathroom units. Nine of these units have undergone renovations featuring custom kitchen cabinetry and updated bathrooms, while almost all units have received new vinyl plank or wood laminate flooring. Four units have undergone minor improvements, and the remaining 12 units have been well-maintained but not renovated. Many units feature private patios, common area patios, private balconies, and Juliette balconies. The average unit size is approximately 950 square feet, offering diverse floorplans suitable for family living. All units are equipped with central HVAC and are individually metered for gas and electric utilities.
The property includes a subterranean garage providing 48 parking spaces for tenants, an owner's storage room, trash disposal area, an on-site laundry room, and elevator access. Recent capital expenditures have ensured the property's excellent condition, including a new sewer line, elastomeric roof coating, and the installation of 6 new HVAC package units. The remaining 19 HVAC package units are under contract to be replaced soon.
451 Hawthorne St. is conveniently situated between Broadway and Colorado St., with Central Ave. to the west and Pacific Ave. to the east. Residents have easy access to several nearby bus stops on Pacific Ave., Broadway, and Colorado St. Moreover, its proximity to the Glendale Galleria and Americana at Brand, both within one to two blocks, ensures a high demand for rental units in one of Glendale's most sought-after neighborhoods.

Investment Highlights

  • Generational Asset
  • 1989 Construction - Includes Copper Plumbing & Central HVAC
  • 6 New HVAC Units & 19 Scheduled to be Replaced
  • 48 Parking Spaces, Elevator, and On-Site Laundry
  • 1 Block to Glendale Galleria & 2 Blocks to The Americana
  • Landlord Friendly City – Glendale is Subject to AB1482 and Allows Higher Rental Increase Amounts than the City of Los Angeles or Unincorporated Los Angeles County

Exclusively Listed By

Financing By

Multifamily

451 Hawthorne St

Listing Price: $11,550,000

Cap Rate
3.74%
Number of Units
25
GRM
17.11
Price/Unit
$462,000
Price/Gross SF
$487.90
Gross SF
23,673

Investment Highlights

  • Generational Asset
  • 1989 Construction - Includes Copper Plumbing & Central HVAC
  • 6 New HVAC Units & 19 Scheduled to be Replaced
  • 48 Parking Spaces, Elevator, and On-Site Laundry
  • 1 Block to Glendale Galleria & 2 Blocks to The Americana
  • Landlord Friendly City – Glendale is Subject to AB1482 and Allows Higher Rental Increase Amounts than the City of Los Angeles or Unincorporated Los Angeles County

Investment Overview

Marcus & Millichap is pleased to present an exceptional investment opportunity: 451 Hawthorne St, a 25-unit multifamily property located in the Moorpark neighborhood, just steps away from Downtown Glendale. This property, offered for sale for the first time in 33 years, represents a rare generational investment in the highly sought-after Downtown Glendale area, situated only one block from the Glendale Galleria and two blocks from the Americana on Brand. What sets 451 Hawthorne apart from other properties of similar vintage in Glendale is its distinctive architecture and layout, making it an ideal choice for investors seeking over 20% in rental upside through an interior and exterior renovation program. The property's value is further solidified by its zoning designation as R1250, which prohibits future multifamily developments of this size at this prime location. Constructed in 1989, this three-story property comprises six 1-bedroom/1-bathroom units, one 1-bedroom/1.5-bathroom + office townhouse unit, and eighteen 2-bedroom/2-bathroom units. Nine of these units have undergone renovations featuring custom kitchen cabinetry and updated bathrooms, while almost all units have received new vinyl plank or wood laminate flooring. Four units have undergone minor improvements, and the remaining 12 units have been well-maintained but not renovated. Many units feature private patios, common area patios, private balconies, and Juliette balconies. The average unit size is approximately 950 square feet, offering diverse floorplans suitable for family living. All units are equipped with central HVAC and are individually metered for gas and electric utilities. The property includes a subterranean garage providing 48 parking spaces for tenants, an owner's storage room, trash disposal area, an on-site laundry room, and elevator access. Recent capital expenditures have ensured the property's excellent condition, including a new sewer line, elastomeric roof coating, and the installation of 6 new HVAC package units. The remaining 19 HVAC package units are under contract to be replaced soon. 451 Hawthorne St. is conveniently situated between Broadway and Colorado St., with Central Ave. to the west and Pacific Ave. to the east. Residents have easy access to several nearby bus stops on Pacific Ave., Broadway, and Colorado St. Moreover, its proximity to the Glendale Galleria and Americana at Brand, both within one to two blocks, ensures a high demand for rental units in one of Glendale's most sought-after neighborhoods.

Exclusively Listed By

Financing By

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