1063 Justin AvenueGlendale, CA 91201

Description

5.57% ACTUAL CAP RATE - Cash-flowing day 1 without needing to upgrade any unit! Year 2 CAP Rate is 6.35% 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.

Property Information

Property type

Residential Income

Sub-type

Apartment

Style

MidCenturyModern

Year built

1963

Stories

2

Lot size

0.17 acres

Garage spaces

11

Parking spaces

11

Zoning

GLC3*

Days on market

63

MLS^® Listing#

AR26165942

Property Features

Appliances

Dishwasher · Disposal · Gas Range · Microwave · Refrigerator · Range Hood · Dryer · Washer

Cooling

Wall/Window Unit(s)

Heating

Wall Furnace

Flooring

Vinyl · Wood

Fireplace

None

Pool

None

Parking

Assigned

Laundry

Washer Hookup · Gas Dryer Hookup

Fencing

Wrought Iron

Lot features

Level · Near Public Transit · Rectangular Lot

Roof

Flat

Windows

Double Pane Windows

Community

Suburban

Utilities

Cable Connected · Electricity Connected · Natural Gas Connected · Phone Available · Sewer Connected · Water Connected

Sewer

Public Sewer

Water source

Public

Financial Details

HOA

None

Parcel number

5623026040

Directions

From Brand Blvd go west on Glenoaks Blvd and make left on Justin Ave