±5.44% ACTUAL CAP RATE - Cash-flowing day 1 without needing to upgrade any unit! Year 2 CAP Rate is 6.27% with an annual rent increase. The 1063, a HIGH CAP Rate turnkey luxury 12-unit apartment community located in the highly desirable city of Glendale, bordered by the City of Burbank. The property offers superb location (Walkscore 86) with access to many amenities, within walking distance to IKEA Burbank, Burbank Downtown, many shopping centers, close to schools, parks, local and national retailers, dining and upscale shopping, entertainment, and easy access to freeways (5 FWY and 134 FWY). The offering is unique due to its prime location, High CAP Rate, and turnkey conditions. New owner can enjoy high quality location, asset, and good cash flow immediately without the hardships of relocating tenants and managing construction crews. 1063 Justin is a beautifully upgraded and maintained garden style apartment community built in 1963. It is a two-story walkup apartment consisting of 12 units. It offers a beautifully landscaped (drought tolerant) center courtyard common area. It offers a superb unit mix of four (4) LARGE 2 bed + 1 bath units, six (6) spacious 1 bed + 1 bath units, and two (2) Studio units. Each unit one has been fully upgraded with full electrical and plumbing upgrades (plumbing upgrade in unit), new high durability wood vinyl and tile flooring in bathroom, new windows throughout, in-unit combo washer/dryer, state of the art mini-split HVAC systems, new kitchen with quartz kitchen countertop and new kitchen cabinets and stainless-steel kitchen appliances (gas range, dishwasher, and refrigerator), and new bathrooms with new vanities, toilets, bathtubs, and name brand fixtures. The exterior upgrades include a new façade, new exterior paint and signage, new entry gate, completely redone landscaping, updated electrical, and much more! Each unit is large with an excellent layout. One of the 2bedroom unit has a private balcony. The property is separately metered for electricity and gas. The property offers a single level gated parking area with 11 parking spaces. It is serviced by a master water heater and has additional shared laundry room.
Details
MLS #
AR25026754
Listing Type
For Sale
Style
Town House
Sub-Type
Resale
Status
Active
Year
1963
Days On Site
159
Listing Provided By
Growth Investment Group Pasade | Han Chen
Features
Garage
11
Story(s)
2
Units
12
Building(s)
1
Zoning
GLC3*
Acreage
0.17
Property View
Yes
Interior
Cooling
Wall Window Units
Heating
Wall Furnace
Heating Yes / No
Yes
Cooling Yes / No
Yes
Window Features
Double Pane Windows
Appliances
Dishwasher, Disposal, Gas Range, Microwave, Refrigerator, Range Hood, Dryer, Washer
Fireplace Yes / No
No
Exterior
Roof
Flat
Lot Features
Level, Near Public Transit, Rectangular Lot, Street Level
Fencing
Wrought Iron
Parking
Parking Features
Assigned
Garage Yes / No
Yes
Utilities
Utilities
Cable Connected, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected
Electric
Standard
Sewer
Public Sewer
Location
Community Features
Suburban
MLS Number: AR25026754
Han Chen – han.chen@growthinvestmentgroup.com
Growth Investment Group Pasade – (626) 594-4900
Request a showing
Request a showing
Loading Form
MLS Internet Data Exchange (IDX) information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the California Regional MLS.
