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214 E Chevy Chase Dr
For Sale $4,400,000 ($412.22 per Sq Ft)
$4,400,000 ($412.22 per Sq Ft)
- 16 Units
- 10,674 Sq Ft
- 9,585 Sq Ft
- Unknown Cap Rate
Description
We are pleased to present Chevy Chase Manor, a sixteen unit multifamily investment opportunity located in the Tropico neighborhood of South Glendale. This well-maintained asset will provide the next investor with roughly 36% in rental upside that can be captured through the implementation of an interior and exterior renovation program. Constructed in 1964, Chevy Chase Manor comprises fourteen one bedroom/one-bathroom units and two two-bedroom/one-and-half bathroom units. Sitting on a 9,582 square foot lot, this 10,674 square foot building boasts average unit sizes of roughly 667 square feet. All units have separate meters for gas and electricity. There is on-site laundry at the garage, two central hot water heaters, and seventeen tenant storage cabinets. The property offers seventeen parking spaces, two of which have been converted into large owner's storage units, and fire sprinklers throughout the parking lot. The property is zoned R2250,making the existing sixteen units irreplaceable with the current zoning. This is truly the highest and best use for this parcel.
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Amenities
Garage
Pool
Garden
Security System
Internet
Telephone
Heating
Fireplace
Balcony & Patio
TV / Cable
Laundry
Hardwood Floors
Spa
Air Conditioning
Solar Power
Floor Plan
Great Views
Natural Light
Quiet
Water View
Elevator
Guest Unit(s)
Furnished
220 Volt
Property Details
| List Price | $4,400,000 |
| Property Type | Multi-Family |
| Usable Sqft | 10,674 |
| Number of Stories | 2 stories |
| Parking Spots | 0 spots |
| Year Built | 1964 |
| Last Sold | Unknown |
| Sold Price | Unknown |
| APN # | 5640014011 |
| MLS # | 24470949 |
| Property ID | 292808671 |
| Lot Sqft | 9,585 |
| Zoning | R2250 |
| Total Units | 16 |
| Days on Market | 26 |
| Original List Price | $4,400,000 |
| Date Updated | December 10, 2024 |
| Date Created | November 26, 2024 |
| Unit # | Beds | Baths | Current Rent | Proforma Rent |
| Unit #1 | 1 | 1.00 | $1,500 | $2,200 |
| Unit #2 | 1 | 1.00 | $1,700 | $2,200 |
| Unit #3 | 1 | 1.00 | $1,750 | $2,200 |
| Unit #4 | 2 | 1.50 | $1,900 | $2,700 |
| Unit #5 | 2 | 1.50 | $2,000 | $2,700 |
| Unit #6 | 1 | 1.00 | $1,650 | $6,600 |
| Unit #7 | 1 | 1.00 | $1,600 | $17,600 |
| Gross Income (Yr) | $ 310,584 |
| Operating Expenses | $ 114,602 |
| Net Income (Yr) | $ 196,982 |
| Cap Rate | 4.45% |
Listing Provided By
Sevak Keshishian an agent of ERNIE LOO. Lic #01887505
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