Active
559 Glenwood Rd
Glendale CA, 91202
$2,400,000
$361.34 per sqft
Active
13 Beds
7.25 Baths
6,642 sqft
Residential
Built in 1952
559 Glenwood Rd is a seven-unit multifamily property stands out as a rare find in a sought-after residential area, promising both stability and growth potential for investors.Located on the strategic corner of Clement Dr & Glenwood Rd, the property benefits from its proximity to key educational institutions and is nestled in an affluent neighborhood that boasts a high average household income. Its accessibility to Downtown Glendale, major shopping centers like the Glendale Galleria, and essential freeways positions it as an ideal residential choice for a wide range of tenants.The building is currently fully occupied, featuring a mix of one single and six two-bedroom units with six parking garages, each with dedicated parking. Recent rent adjustments have been implemented, affirming the property's strong income generation capability. Despite its well-maintained status, highlighted by quality interior finishes such as hardwood flooring and recessed lighting, the property offers significant upside potential. With most units rented below market rates, strategic upgrades and unit turnovers could lead to an increase in rental income by over 45%.Offered at a competitive price per unit and per square foot, this investment presents a rare opportunity to enter or expand in the Glendale market. The combination of its location, full occupancy, and untapped value-add potential, set against a backdrop of limited market inventory, makes it a compelling choice for those looking to invest in a thriving residential rental market.
24-374047
MLSⓇ ID
March 26, 2024
Listed
May 9, 2024
Updated
Map
559 Glenwood Rd
Glendale CA, 91202
Interior Features
Total Stories
2
Bedrooms
13
Total Bathrooms
7.25
Appliances
None
Fireplace
No
Cooling
Yes
Cooling Description
Wall Unit(s)
Heating
Yes
Heating Description
Wall
Exterior/Building Features
Lot Size
0.24 Acres
Other Property Details
Area Name
Glendale-Northwest
Days on Market
8
Garage
Yes
Parking
Garage
Parking Total
6
View
No
County
Los Angeles
Pool
No
Zoning
GLR4YY
Listed by Neema Ahadian with Marcus & Millichap
Listing Contact: 310-909-5444
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 5/9/2024