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$3,400,000

Beds
14
sq ft
7,089

1157 Justin Ave, Glendale, CA 91201

1157 Justin Ave

Glendale, CA 91201

  • 18 days on market
With a unit mix featuring mostly large two-bedroom apartments, the property offers an investor stable cash flow with the opportunity to increase income further by capitalizing on rent upside. Because the building is not subject to Los Angeles Rent Control, a new owner can improve rental income more rapidly via AB 1482. In addition to installing brand new electric subpanels in all units, the current owner has upgraded the vast majority of units to include new granite countertops, new wood laminate flooring, new dual pane windows, and new AC units. Plumbing throughout the building is mostly copper pipes, while the building features a new water heater and new roof insulation as well. An additional income stream is generated via the on-site laundry facilities, which are owned by the landlord. This location features strong tenant demographics, with several major employers nearby in both Glendale and Burbank. Walt Disney Studios, Warner Brothers Studios, Walt Disney Imagineering, and Dreamworks Animation are all within a short distance. The Los Angeles Zoo, Griffith Park, Universal Studios, and the Los Angeles Equestrian Center are all situated near the property as well. The high-end Americana at Brand and the remodeled Glendale Galleria are both a short drive from the property, as are the Burbank Town Center and Burbank Empire Shopping Center. The largest IKEA store in North America sits within blocks of the property, as do Trader Joe's, Ralphs, CVS, The Home Depot, and Smart & Final.

Details

Property type

Lot size

7,980 sq ft

Price per sq ft

$480

Year built

1963

HOA

No

Price History

11/04/2024
CLAW

CLAW #24460071

Listed
$3,400,000
+42.68%
01/26/2018
CLAW

CLAW #17279510

Sold
$2,383,000

Schools & Community

Neighborhood: 

Grandview

Elementary school: 

Unknown

Middle school: 

Unknown

High school: 

Unknown

Status: Active

Tomo last checked: 11/22/2024 at 5:30 PM

Listing updated: 11/12/2024 at 5:15 AM

Listed by: Roderick 'Rick' Raymundo, Marcus & Millichap Phone #: (818) 212-2700

MLS: CLAW #24460071

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