650 W Wilson Ave - Apartments FOR SALE


Glendale, CA 91203- Vineyard
$2,299,000 USD
818-859-7242
650 W Wilson Ave, Glendale, CA for Sale
$2,299,000 USD
Apartments - FOR SALE
1/82
null | 5.8% Cap Rate

650 W Wilson Ave
Glendale, CA 91203
Vineyard


HIGHLIGHTS

  • Generational asset, first time ever on the market located in the heart of Glendale.
  • 5.80% current cap rate with a conservative 6.92% pro forma, offering strong in place returns with clear upside!
  • Massive value-add opportunity! Both 1Bed/1Bath units in the rear building will be delivered vacant.
  • ADU bid already in hand to convert both vacant units and add an additional unit!
  • One vacant unit, allowing for immediate upside and flexibility. Several units renovated with new countertops, cabinets, and flooring
  • Located just 2 minutes (0.5 miles) from the Americana at Brand and Glendale Galleria. Minutes from Target, Whole Foods Market, Trader Joe's, & Costco

OVERVIEW

The 5+ Unit Specialists are pleased to present 650 W Wilson, an extremely rare 8-unit generational asset, first time on the market, ideally located in the heart of Glendale just steps from The Americana at Brand, offered at $2,299,000. Featuring two units delivered vacant in a separate rear structure and an ADU bid already in hand, this is one of the best positioned value-add opportunities in the entire submarket, delivering a stronger GRM and higher cap rate than nearly every competing Glendale listing. Located on a quiet, tree-lined street just 0.5 miles from The Americana at Brand, the property consists of six 2-bedroom units and two 1-bedroom units, both of which will be delivered vacant at closing, allowing a new owner to immediately capture rental upside. The asset is already performing at a 5.80% cap rate with a conservative 6.92% pro forma, both calculated using real operating expenses and including a 5% management fee. Adding to the opportunity, a contractor bid is already in hand to convert the two vacant rear units into a large 3 bed unit and construct an additional 3 bed unit ADU in the existing parking area, creating the potential for a 9th unit and additional rental income. With both rear units delivered vacant, a buyer can begin the conversion immediately after closing without the delays and costs associated with tenant relocation. The majority of units have already been upgraded with new or refinished countertops, cabinetry, and flooring, and electrical panel breakers have been replaced throughout, helping minimize future capital expenditures. Tenants enjoy a highly walkable location near The Americana, Glendale Galleria, Whole Foods, Trader Joe's, and Target, supporting strong and consistent rental demand. This is a true legacy Glendale asset combining irreplaceable location, in-place income, and immediate value-add potential at a basis that is becoming increasingly difficult to find.

FOR SALE DETAILS

PRICE

$2,299,000 USD

PRICE/SF

$320 USD /SF

# OF UNITS

8

PRICE/UNIT

$287,375

CAP RATE

5.8%

% LEASED

75%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Prime Glendale 8-Unit | ADU BID IN HAND!

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1956

PARKING SPACES

6

LAND DETAILS

LAND ACRES

0.2 AC

LAND SF

8,776 SF

ZONING

GLR4*

APN/PARCEL ID

5638-003-053

ASK ABOUT THIS PROPERTY

Elizabeth MaddoxMyunits.com IncMore Info
818-859-7242

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Elizabeth MaddoxMyunits.com IncMore Info
818-859-7242

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