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Multifamily

421 E Acacia Ave

421 E Acacia Ave, Glendale, CA 91205

Listing Price: $2,870,000

Cap Rate
4.69%
Number of Units
8
GRM
14.65
Price/Unit
$358,750
Price/Gross SF
$462.46
Gross SF
6,206

Investment Overview

Marcus & Millichap is pleased to announce the opportunity to purchase 421 E Acacia Avenue, an eight-unit multifamily property situated near the pristine Adams Hill neighborhood in thriving Glendale, CA. 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.

Investment Highlights

  • Excellent Unit Mix – All Two Bedroom Units
  • Outstanding Reposition Opportunity – Current Rents Approximately 27% Below Market Rates
  • Higher Allowable Annual Rent Increases Under AB1482
  • Less than One Mile from High-End Americana at Brand and Recently Remodeled Glendale Galleria
  • Newly Replaced Windows, Approximately Half of Unit Interiors Thoroughly Remodeled
  • Blocks from Historic Adams Square and Picturesque Adams Hill Neighborhood
  • No Seismic Retrofit Repairs Required (Buyer to Verify)
  • On-Site Parking for Residents

Exclusively Listed By

Financing By

Multifamily

421 E Acacia Ave

Listing Price: $2,870,000

Cap Rate
4.69%
Number of Units
8
GRM
14.65
Price/Unit
$358,750
Price/Gross SF
$462.46
Gross SF
6,206

Investment Highlights

  • Excellent Unit Mix – All Two Bedroom Units
  • Outstanding Reposition Opportunity – Current Rents Approximately 27% Below Market Rates
  • Higher Allowable Annual Rent Increases Under AB1482
  • Less than One Mile from High-End Americana at Brand and Recently Remodeled Glendale Galleria
  • Newly Replaced Windows, Approximately Half of Unit Interiors Thoroughly Remodeled
  • Blocks from Historic Adams Square and Picturesque Adams Hill Neighborhood
  • No Seismic Retrofit Repairs Required (Buyer to Verify)
  • On-Site Parking for Residents

Investment Overview

Marcus & Millichap is pleased to announce the opportunity to purchase 421 E Acacia Avenue, an eight-unit multifamily property situated near the pristine Adams Hill neighborhood in thriving Glendale, CA. 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.

Exclusively Listed By

Financing By

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