1042 Western Avenue Apartments 1042 Western Ave 17 Unit Apartment Building $7,000,000 ($411,765/Unit) 4.26% Cap Rate Glendale, CA 91201

IREA is pleased to offer the exclusive opportunity to acquire 1042 Western Avenue, a well-maintained, 17-unit multifamily community located in a highly walkable Glendale neighborhood.
Built in 1963, the property contains approximately 11,058 square feet of building area and features a favorable unit mix consisting of two studio apartments, ten one-bedroom/one-bathroom units, one two-bedroom/one-bathroom unit and four two-bedroom/two-bathroom units. The unit count includes one permitted accessory dwelling unit.
Ownership has recently remodeled 15 of the property’s 17 units, providing an investor with the opportunity to acquire a substantially renovated apartment community with limited near-term interior capital requirements. The remodeled units feature new flooring and appliances, quartz countertops and updated HVAC systems. The units also offer large closets and generous interior storage, providing residents with comfortable and functional living spaces.
On-site amenities include a swimming pool and laundry facilities. The property also contains seven large storage units, which may be rented separately to generate additional income. Subject to an investor’s independent investigation and applicable governmental approvals, the storage area may also present the potential for conversion into an additional accessory dwelling unit.
The property is located just a short drive from Downtown Burbank, providing residents with convenient access to its extensive collection of restaurants, shopping, entertainment venues, major employers and media-industry employment centers. The property’s strategic location between Glendale and Burbank, along with its proximity to neighborhood amenities and everyday services, contributes to its continued rental appeal.
1042 Western Avenue presents investors with the opportunity to acquire a substantially renovated Glendale apartment community with approximately 15% upside in rents, that also offers a diversified unit mix, attractive resident amenities and multiple potential avenues for additional income and long-term value creation.
*Building is legally 17 units per final city permits (16 units + 1,220 SF ADU finalized on 4/10/24). True Gross Building Area is 11,498 SF, which reflects 440 SF of permitted void-space conversion not yet updated on L.A. County Assessor tax rolls. (Buyer to verify)