Property Details

Price $5,975,000

Year Built 1987

# of Units 14 + 2 ADU

Price P/ Unit $426,786

Sq. ft. 10,700 SF

Price p/ Sq. ft. $558

Current Cap Rate 3.79%

Proforma Cap Rate 5.47%

Lot Size 13,531 SF

Zoning GLR4

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About the Property

Located 0.75 miles from the heart of Downtown Glendale, 629 Elk is a well-maintained 14-unit property situated within walking distance to The Americana @ Brand, Glendale Galleria, and a wide array of popular retailers, cafes, and restaurants along Brand Blvd. Please note the City of Glendale currently allows for an 8.8% annual rent increase. Built in 1987, this well-maintained complex features (8) 2-bdrm. units, (6) 1-bdrm. units, and the potential to add (2) 2-bdrm. ADUs (buyer to verify).Renovated units include new windows, wood-laminate flooring, stainless steel appliances, quartz countertops, new tilework, and a mini-split A/C. In addition, there are (3) 30′ X 1-‘ storage units with roll-up doors that currently provide additional income and can be converted to ADUs (buyer to verify). Property amenities include a laundry room with coinless machines and 21 side-by-side parking spaces.

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