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516 W Lexington Dr 4 Unit Apartment Building $1,449,000 ($362,250/Unit) 4.55% Cap Rate Glendale, CA 91203
Investment Highlights
- 4 Units 4 Parking Glendale Fixer
- 1 to 2 units can be vacated One currently vacant
Executive Summary
Open House 3.1.2026 11AM to 1PM for those who need to see inside prior offer. Offers due Tuesday March 3, 2026
The property consists of four (4) one-bedroom / one-bathroom units situated on approximately 6,149 square foot lot with (5) on-site parking spaces — a highly desirable amenity in this central location. Built in 1926, the property offers classic Glendale character with strong repositioning potential. Located just moments from The Americana at Brand, Glendale Galleria, the 134 Freeway, major employment corridors, retail, dining, and public transit, the property benefits from consistent rental demand and premium one-bedroom pricing.
One unit is currently vacant, and a second unit may become vacant prior to close of escrow (not guaranteed), allowing an investor or owner-user the opportunity to implement upgrades and adjust rents early in the hold period. Current rents are below projected market levels, offering a clear path to increased income. At market rents, the property achieves an estimated 5.6% cap rate.
Additionally, the lot co-migration suggests potential to add one to two Accessory Dwelling Units (ADUs), subject to buyer variation with the City of Glendale. This presents a compelling long-term value enhancement strategy.
The property will be sold as-is.
The property consists of four (4) one-bedroom / one-bathroom units situated on approximately 6,149 square foot lot with (5) on-site parking spaces — a highly desirable amenity in this central location. Built in 1926, the property offers classic Glendale character with strong repositioning potential. Located just moments from The Americana at Brand, Glendale Galleria, the 134 Freeway, major employment corridors, retail, dining, and public transit, the property benefits from consistent rental demand and premium one-bedroom pricing.
One unit is currently vacant, and a second unit may become vacant prior to close of escrow (not guaranteed), allowing an investor or owner-user the opportunity to implement upgrades and adjust rents early in the hold period. Current rents are below projected market levels, offering a clear path to increased income. At market rents, the property achieves an estimated 5.6% cap rate.
Additionally, the lot co-migration suggests potential to add one to two Accessory Dwelling Units (ADUs), subject to buyer variation with the City of Glendale. This presents a compelling long-term value enhancement strategy.
The property will be sold as-is.
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts Under Contract
| Price | $1,449,000 | Apartment Style | Low-Rise |
| Price Per Unit | $362,250 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.14 AC |
| Cap Rate | 4.55% | Building Size | 2,592 SF |
| Gross Rent Multiplier | 15.37 | Average Occupancy | 75% |
| No. Units | 4 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1926 |
| Property Subtype | Apartment | ||
| Zoning | R4 - Residential | ||
| Price | $1,449,000 |
| Price Per Unit | $362,250 |
| Sale Type | Investment |
| Cap Rate | 4.55% |
| Gross Rent Multiplier | 15.37 |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 2,592 SF |
| Average Occupancy | 75% |
| No. Stories | 2 |
| Year Built | 1926 |
| Zoning | R4 - Residential |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | $2,041 | 650 |
1 1
Very walkable
80/100
Very drivable
80/100
Some public transit
50/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 5637-012-059 | Improvements Assessment | $140,673 |
| Land Assessment | $562,708 | Total Assessment | $703,381 |
Property Taxes
Parcel Number
5637-012-059
Land Assessment
$562,708
Improvements Assessment
$140,673
Total Assessment
$703,381
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516 W Lexington Dr
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