Active
125 W Chestnut St
Glendale CA, 91204
$3,150,000
$283.27 per sqft
Active
10 Beds
15 Baths
11,120 sqft
Multi-family
Built in 1931
With current rents averaging only $2.02 per square foot, the property allows ample room for consistent income improvement. A new investor may be able to capture the approximately 62% rent upside more rapidly as well, as the property is granted higher allowable rent increases via AB 1482, when compared to other assets subject to more prohibitive local rent control. Situated in the heart of Glendale, near the intersection of Brand Boulevard and Colorado Boulevard, the building offers tenants numerous dining and shopping options, as reflected in its high Walk Score of 96. Between the Americana at Brand and the revamped Glendale Galleria, both just three blocks north, tenants gain convenient access to destinations such as Din Tai Fung, The Cheesecake Factory, Bacari GDL, and Bourbon Steak. Local retailers include Tiffany & Co., Nordstrom, The Apple Store, Lululemon, and Target. In addition to cash flow improvements gained through rent increases, a new owner may also benefit from the supplemental revenue streams that the building offers. The large basement could potentially be leased to tenants for extra storage income. Also, recent new leases have included tenants paying an additional $150 per month toward utility expenses, similar to a RUBS program. Applying this blueprint to other new tenants moving forward can dramatically improve the owner's income.
24-413281
MLSⓇ ID
July 12, 2024
Listed
August 23, 2024
Updated
Map
125 W Chestnut St
Glendale CA, 91204
Interior Features
Total Stories
2
Bedrooms
10
Total Bathrooms
15
Appliances
Other
Fireplace
No
Cooling
Yes
Cooling Description
Other
Heating
Yes
Heating Description
Other
Exterior/Building Features
Lot Size
0.2 Acres
Other Property Details
Area Name
Glendale-South of 134 Fwy
Days on Market
40
Garage
No
Parking
Assigned
Parking Total
0
View
No
County
Los Angeles
Pool
No
Zoning
GLR4YY
Listed by Roderick 'Rick' Raymundo with Marcus & Millichap
Listing Contact: 818-219-6146
Based on information from The MLSTM / Combined LA/Westside Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. All properties are subject to prior sale, change or withdrawal, and may or may not be listed by the office/agent presenting the information. Neither listing broker(s) nor Cari Field Team shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.
©2024 Combined L.A./Westside MLS. All rights reserved.
Data last updated 8/23/2024