12 apartment units on 2 of 3 adjacent R-1250* zoned lots, the 3rd lot being vacant valued $1,000,000, with alley access, totaling 24,722* SF in prime North Central (above Glenoaks Blvd.) none rent control city of Glendale. With 150* ft. frontage current city ordinance allows 1 dwelling unit per 1,000 SF of land providing the possibility of developing 24* Condos/Apartments units on the 3 lots. Opportunities are; (i) hold the 12 x 2 bdrms 1 bath spacious units (8 x TH style & 4 x single level with individual Water Heaters & W/D Hookups) and sell or develop the vacant land into, or (ii) enjoy the existing income until developing 24* unit project on all 3 parcels. The 5 buildings existing 12 units being 10,672* SF (built in 1927*) are on the double lots of 16,496* SF: 221-223 W. Dryden St. and the 3rd vacant lot of 8,266* SF: 227 W. Dryden St. All current rents are on month-to-month bases and significantly low. The location considered the affluent rental part of the city, market monthly rent for similar units in the area range between $1,650 to $1,750. MUST NOT ENTER PROPERTY OR CONTACT TENANTS, DRIVE BY ONLY PLEASE
Please See attached Offering Memorandum for further Photos and Location Description.
