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447 W Elk Ave 16 Unit Apartment Building $5,595,000 ($349,688/Unit) 4.80% Cap Rate Glendale, CA 91204
INVESTMENT HIGHLIGHTS
- Excellent Southwest Glendale Location
- Upgraded Throughout
- Large Units
- CA AB 1482 Applies
EXECUTIVE SUMMARY
Huge price reduction. Motivated Seller. Bring All Reasonable Offers. The Elk Apartments is a well maintained property located in the City of Glendale. The property is located in South Glendale in very close proximity to The Galleria and The Americana at Brand. It presents a reposition opportunity as there is approximately 10% upside in rents with an excellent unit mix.
FINANCIAL SUMMARY (PRO FORMA - 2025) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$402,912
|
$31.72
|
| Other Income |
$1,800
|
$0.14
|
| Vacancy Loss |
$12,141
|
$0.96
|
| Effective Gross Income |
$392,571
|
$30.90
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$123,995
|
$9.76
|
| Net Operating Income |
$268,576
|
$21.14
|
FINANCIAL SUMMARY (PRO FORMA - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $402,912 |
| Annual Per SF | $31.72 |
| Other Income | |
|---|---|
| Annual | $1,800 |
| Annual Per SF | $0.14 |
| Vacancy Loss | |
|---|---|
| Annual | $12,141 |
| Annual Per SF | $0.96 |
| Effective Gross Income | |
|---|---|
| Annual | $392,571 |
| Annual Per SF | $30.90 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $123,995 |
| Annual Per SF | $9.76 |
| Net Operating Income | |
|---|---|
| Annual | $268,576 |
| Annual Per SF | $21.14 |
PROPERTY FACTS
| Price | $5,595,000 | Apartment Style | Low-Rise |
| Price Per Unit | $349,688 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.30 AC |
| Cap Rate | 4.80% | Building Size | 12,704 SF |
| Gross Rent Multiplier | 13.82 | No. Stories | 2 |
| No. Units | 16 | Year Built | 1964 |
| Property Type | Multifamily | Parking Ratio | 1.34/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | R4 | ||
| Price | $5,595,000 |
| Price Per Unit | $349,688 |
| Sale Type | Investment |
| Cap Rate | 4.80% |
| Gross Rent Multiplier | 13.82 |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.30 AC |
| Building Size | 12,704 SF |
| No. Stories | 2 |
| Year Built | 1964 |
| Parking Ratio | 1.34/1,000 SF |
| Zoning | R4 |
AMENITIES
SITE AMENITIES
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 8 | $2,095 | - |
| 2+1.5 | 4 | $2,395 | - |
| 2+2 | 4 | $2,495 | - |
1 1
Walk Score®
Walker's Paradise (90)
PROPERTY TAXES
| Parcel Number | 5696-003-026 | Improvements Assessment | $1,716,204 |
| Land Assessment | $2,574,308 | Total Assessment | $4,290,512 |
PROPERTY TAXES
Parcel Number
5696-003-026
Land Assessment
$2,574,308
Improvements Assessment
$1,716,204
Total Assessment
$4,290,512
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447 W Elk Ave
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