801 E Palmer Ave
Glendale, CA 91205
Garden Apartments · Multifamily Property For Sale · 41 Units

This investment opportunity consists of a two-story garden-style apartment complex which contains 41-units and was constructed in 1974 with approximately 29,989 square feet of improvements and situated on approximately 43,318 square feet of land. Unit Mix is comprised of 35- 1 bedroom 1 bathroom, 6- 2 Bedroom 2 bathroom units. Rents are currently below market and offer an investor upside of approximately 10%. Buyer to investigate Glendale City Council Rent Freeze which is set to expire February 27, 2019 and the possibility of passing a rent control or right to lease ordinance. Features and amenities of this building include gated swimming pool, two barbeque areas for the residents, laundry room with four washers and four dryers, controlled access to the building and parking. There are 52 parking spaces plus four single car garages that are being used by management for storage. Units have been upgrade as they turnover with new flooring, granite or quartz kitchen counter tops and tile backsplash. The units come with gas stoves, double sinks, garbage disposals and dishwashers. The building is separately metered for gas and electric. The property is located within two miles of interstate 5 (Golden State Freeway) and State Highway 2 (Glendale Freeway) and Highway 134 which makes its location convenient for easy access to downtown Los Angeles, Pasadena, Burbank and other surrounding communities. The City of Glendale is served by both Amtrak and Metrolink connections and Glendale’s own Beeline bus shuttle system.