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655 Ivy St 12 Unit Apartment Building $6,500,000 ($541,667/Unit) 4.11% Cap Rate Glendale, CA 91204
Investment Highlights
- Fully remodeled 12-unit apartment community featuring new kitchens, baths, flooring, and in-unit laundry.
- Central air conditioning throughout, ensuring a modern, turnkey, low-capex investment opportunity.
- Ideally located within walking distance to Downtown Glendale, The Americana at Brand, and Glendale Galleria.
- Unit mix includes eleven 2-bedroom/1-bath units and one 3-bedroom/1-bath unit, offering an attractive configuration for renters.
- Strong in-place rental income with current Net Operating Income at approximately $267K and additional upside potential.
- Excellent access to the 134, 2, and 5 Freeways, providing convenient connectivity to Burbank, Pasadena, and Los Angeles employment hubs.
Executive Summary
In the heart of Glendale, 655 Ivy St is a fully remodeled 12-unit apartment community two blocks from downtown Glendale, the Americana at Brand, and the Galleria. The two-story, garden-style property offers eleven 2-bedroom units and one 3-bedroom, each renovated with new kitchens, baths, flooring, in-unit laundry, and central A/C. With strong in-place rents and turnkey condition in a supply-constrained submarket, 655 Ivy is a true pride-of-ownership cash-flow asset.
Property Facts
| Price | $6,500,000 | Apartment Style | Low-Rise |
| Price Per Unit | $541,667 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.32 AC |
| Cap Rate | 4.11% | Building Size | 9,273 SF |
| No. Units | 12 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1963 |
| Property Subtype | Apartment | Parking Ratio | 1.51/1,000 SF |
| Zoning | R4P - GLR4P | ||
| Price | $6,500,000 |
| Price Per Unit | $541,667 |
| Sale Type | Investment |
| Cap Rate | 4.11% |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.32 AC |
| Building Size | 9,273 SF |
| No. Stories | 2 |
| Year Built | 1963 |
| Parking Ratio | 1.51/1,000 SF |
| Zoning | R4P - GLR4P |
Amenities
Site Amenities
- Private Bathroom
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 1 | - | 700 |
| 2+1 | 11 | - | 900 |
1 1
Moderately walkable
70/100
Very drivable
80/100
Some public transit
50/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 5695-002-008 | Improvements Assessment | $1,602,216 |
| Land Assessment | $1,831,104 | Total Assessment | $3,433,320 |
Property Taxes
Parcel Number
5695-002-008
Land Assessment
$1,831,104
Improvements Assessment
$1,602,216
Total Assessment
$3,433,320
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655 Ivy St
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