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Multifamily

Repris

515 Chester St, Glendale, CA 91203

Listing Price: $2,795,000

Cap Rate
4.12%
Number of Units
8
Price/Unit
$349,375
Price/Gross SF
$517.11
Gross SF
5,405

Investment Overview

Marcus & Millichap is pleased to announce the opportunity to purchase 515 Chester Street, an eight-unit multifamily property located in a desirable pocket of Glendale, CA. The property sits approximately one mile from both the upscale Americana at Brand shopping center and the recently remodeled Glendale Galleria. The current owner has completed extensive renovations to six of the apartment interiors, spending as much as $40,000 on an individual unit’s upgrades. Remodeled apartments feature brand new wood flooring, new quartz countertops, new kitchen countertops and tile backsplashes, stainless steel appliances, new ceiling fans, recessed lighting, new bathroom vanities, and renovated showers. The plumbing within the property has been approximately 90% replaced with copper pipes. Tenants enjoy ample parking, with eight covered spaces and an additional four open spaces tandem to each front garage. The on-site laundry facilities are owned by the landlord, allowing the owner to enjoy an additional revenue stream. Located between San Fernando Road and Pacific Avenue, tenants enjoy convenient access to both The Pub at Golden Road Brewery and the numerous shops and restaurants along Pacific Avenue, Central Avenue, Brand Boulevard, and Broadway. The soon-to-be completed multi-million dollar North Atwater East Bank Riverway Project, which would provide a 2.2-mile pathway and connect to the Los Angeles River bike path, is mere blocks from the building.

Investment Highlights

  • Excellent Glendale Location -- Approximately One Mile from Americana at Brand and Remodeled Glendale Galleria
  • Approximately 90% Copper Plumbing
  • Higher Allowable Rent Increases
  • Dramatically Upgraded Interiors -- Six Units Completely Renovated with Brand New Wood Flooring, New Kitchen Cabinets, Subway Tile Backsplashes, Quartz Countertops, Stainless Steel Appliances, Recessed Lighting, Ceiling Fans, and Updated Bathrooms
  • Glendale Recently Rated Among America's Top 10 Safest Cities by FBI
  • Landlord-Owned Laundry Machines
  • Covered Parking for All Units
  • Blocks from Los Angeles River and New North Atwater East Bank Riverway Project

Exclusively Listed By

Listing Price: $2,795,000

Cap Rate
4.12%
Number of Units
8
Price/Unit
$349,375
Price/Gross SF
$517.11
Gross SF
5,405

Investment Highlights

  • Excellent Glendale Location -- Approximately One Mile from Americana at Brand and Remodeled Glendale Galleria
  • Approximately 90% Copper Plumbing
  • Higher Allowable Rent Increases
  • Dramatically Upgraded Interiors -- Six Units Completely Renovated with Brand New Wood Flooring, New Kitchen Cabinets, Subway Tile Backsplashes, Quartz Countertops, Stainless Steel Appliances, Recessed Lighting, Ceiling Fans, and Updated Bathrooms
  • Glendale Recently Rated Among America's Top 10 Safest Cities by FBI
  • Landlord-Owned Laundry Machines
  • Covered Parking for All Units
  • Blocks from Los Angeles River and New North Atwater East Bank Riverway Project

Investment Overview

Marcus & Millichap is pleased to announce the opportunity to purchase 515 Chester Street, an eight-unit multifamily property located in a desirable pocket of Glendale, CA. The property sits approximately one mile from both the upscale Americana at Brand shopping center and the recently remodeled Glendale Galleria. The current owner has completed extensive renovations to six of the apartment interiors, spending as much as $40,000 on an individual unit’s upgrades. Remodeled apartments feature brand new wood flooring, new quartz countertops, new kitchen countertops and tile backsplashes, stainless steel appliances, new ceiling fans, recessed lighting, new bathroom vanities, and renovated showers. The plumbing within the property has been approximately 90% replaced with copper pipes. Tenants enjoy ample parking, with eight covered spaces and an additional four open spaces tandem to each front garage. The on-site laundry facilities are owned by the landlord, allowing the owner to enjoy an additional revenue stream. Located between San Fernando Road and Pacific Avenue, tenants enjoy convenient access to both The Pub at Golden Road Brewery and the numerous shops and restaurants along Pacific Avenue, Central Avenue, Brand Boulevard, and Broadway. The soon-to-be completed multi-million dollar North Atwater East Bank Riverway Project, which would provide a 2.2-mile pathway and connect to the Los Angeles River bike path, is mere blocks from the building.

Exclusively Listed By

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