231 Justin Ave - Apartments FOR SALE


Glendale, CA 91201- Riverside Rancho
$2,995,000 USD
818-924-2799
231 Justin Ave, Glendale, CA for Sale
$2,995,000 USD
Apartments - FOR SALE
1/30
null | 4.38% Cap Rate

231 Justin Ave
Glendale, CA 91201
Riverside Rancho


HIGHLIGHTS

  • Excellent Unit Mix – Mostly 2 Bedroom Units
  • Landlord Friendly City – Glendale is Subject to AB1482 and Allows Higher Rental Increase Amounts than the City of Los Angeles
  • 30% Rental Upside

OVERVIEW

We are pleased to present 231 Justin Avenue, a nine-unit multifamily investment opportunity located in the heart of Glendale. This pride-of-ownership asset offers investors a rare opportunity to acquire a well-maintained property with significant income potential; 30% or more in rental upside achievable through a focused interior renovation program. Built in 1961, the property spans 8,422 square feet on a 7,482 square foot lot, featuring a desirable mix of three (3) one-bedroom/one-bath units and six (6) two-bedroom/one-and-a-half-bath units. Many of the units remain in original condition, presenting a clear path to increased cash flow via upgrades. The property also features tuck-under parking, on-site laundry, and is separately metered for gas and electricity, ensuring operational efficiency for future ownership. Zoned R3050, the existing unit count is considered irreplaceable under current zoning constraints, adding long-term security to the investment. The well-designed layout and generous square footage per unit provide an excellent canvas for modernization and rent repositioning. Ideally located just west of Brand Boulevard and north of San Fernando Road, 231 Justin Ave is within close proximity to major employment centers, award-winning schools, and the world-class shopping and dining amenities of The Americana at Brand and Glendale Galleria. Commuters benefit from seamless access to the 5, 134, and 2 Freeways, offering direct connectivity to Burbank, Eagle Rock, Downtown Los Angeles, and the San Fernando Valley. This is a unique opportunity to acquire a stable, value-add multifamily asset in one of Los Angeles County’s most resilient and supply-constrained rental markets.

FOR SALE DETAILS

PRICE

$2,995,000 USD

PRICE/SF

$253 USD /SF

# OF UNITS

9

PRICE/UNIT

$332,778

CAP RATE

4.38%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1961

PARKING SPACES

12

LAND DETAILS

LAND ACRES

0.17 AC

LAND SF

7,497 SF

ZONING

GLR4H*

APN/PARCEL ID

5626-011-021

ASK ABOUT THIS PROPERTY

Gigi Baez-RosaProfessional Realty CoMore Info
818-924-2799

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Gigi Baez-RosaProfessional Realty CoMore Info
818-924-2799

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.