519 South St is a 23-unit multifamily investment offered at $8,300,000 ($360,870/unit | $466.19/SF) in the South Glendale submarket — one of the San Fernando Valley's most supply-constrained and high-barrier rental markets. Built in 1986 on an 18,121 SF lot, the property features a balanced mix of 14 two-bedroom/two-bath and 9 one-bedroom/one-bath residences, each averaging 774 SF across 17,804 SF of building area.With 21 of 23 units currently occupied and generating $52,480 in monthly gross rent, the asset delivers immediate cash flow from close of escrow at a 4.68% in-place cap rate and a 1.20x debt service coverage ratio. Current rents average $2,282 per unit against market rents near $2,917 — a 28% discount that represents approximately $175,000 in annual rental upside achievable entirely through natural tenant turnover, with no capital improvement program required.The property sits outside California AB 1482 rent control protections, giving new ownership full flexibility to reset rents at each vacancy. Unit 205 — currently operating as a manager unit at $500/month — represents $2,750 in immediate monthly upside alone. Two additional units are immediately available for lease-up at market rents. At full market rents, NOI grows from $388,832 to $548,482, delivering a 6.61% pro forma cap rate and a GRM of 10.31. The property's separately metered electric and gas shift utility costs to residents, keeping pro forma expenses at just 28.30% of EGI — well below typical multifamily benchmarks.