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1157 Justin Ave
For Sale $3,400,000 ($479.62 per Sq Ft)
$3,400,000 ($479.62 per Sq Ft)
- 8 Units
- 7,089 Sq Ft
- 7,980 Sq Ft
- Unknown Cap Rate
Description
With a unit mix featuring mostly large two-bedroom apartments, the property offers an investor stable cash flow with the opportunity to increase income further by capitalizing on rent upside. Because the building is not subject to Los Angeles Rent Control, a new owner can improve rental income more rapidly via AB 1482. In addition to installing brand new electric subpanels in all units, the current owner has upgraded the vast majority of units to include new granite countertops, new wood laminate flooring, new dual pane windows, and new AC units. Plumbing throughout the building is mostly copper pipes, while the building features a new water heater and new roof insulation as well. An additional income stream is generated via the on-site laundry facilities, which are owned by the landlord. This location features strong tenant demographics, with several major employers nearby in both Glendale and Burbank. Walt Disney Studios, Warner Brothers Studios, Walt Disney Imagineering, and Dreamworks Animation are all within a short distance. The Los Angeles Zoo, Griffith Park, Universal Studios, and the Los Angeles Equestrian Center are all situated near the property as well. The high-end Americana at Brand and the remodeled Glendale Galleria are both a short drive from the property, as are the Burbank Town Center and Burbank Empire Shopping Center. The largest IKEA store in North America sits within blocks of the property, as do Trader Joe's, Ralphs, CVS, The Home Depot, and Smart & Final.
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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 | $3,400,000 |
| Property Type | Multi-Family |
| Usable Sqft | 7,089 |
| Number of Stories | 2 stories |
| Parking Spots | 0 spots |
| Year Built | 1963 |
| Last Sold | Unknown |
| Sold Price | Unknown |
| APN # | 5623012005 |
| MLS # | 24460071 |
| Property ID | 319375424 |
| Lot Sqft | 7,980 |
| Zoning | GLR4YY |
| Total Units | 8 |
| Days on Market | 4 |
| Original List Price | $3,400,000 |
| Date Updated | November 04, 2024 |
| Date Created | November 04, 2024 |
| Unit # | Beds | Baths | Current Rent | Proforma Rent |
| Unit #1 | 1 | 1.00 | $2,000 | $4,390 |
| Unit #2 | 2 | 1.00 | $2,266 | $7,785 |
| Unit #3 | 2 | 2.00 | $2,666 | $8,885 |
| Gross Income (Yr) | $ 220,632 |
| Operating Expenses | $ 69,003 |
| Net Income (Yr) | $ 151,629 |
Listing Provided By
Roderick 'Rick' Raymundo an agent of . Lic #01357019
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