1063 Justin Avenue, Glendale, CA 91201
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- MLS#: AR25026754 ( Apartment )
- Street Address: 1063 Justin Avenue
- Viewed: 5
- Price: $5,600,000
- Price sqft: $0
- Waterfront: No
- Year Built: 1963
- Bldg sqft: 0
- Days On Market: 58
- Additional Information
- County: LOS ANGELES
- City: Glendale
- Zipcode: 91201
- Provided by: Growth Investment Group Pasade
- Contact: Han Han
- DMCA Notice
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Description5.20% ACTUAL CAP RATE Cash flowing day 1 without needing to upgrade any unit! Year 2 CAP Rate is 6.01% 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 faade, 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 Location and Similar Properties
Features
Accessibility Features
- None
Appliances
- Dishwasher
- Disposal
- Gas Range
- Microwave
- Range Hood
- Refrigerator
Architectural Style
- Mid Century Modern
Assessments
- Buyer to Verify
Association Fee
- 0.00
Building Area Total
- 0.00
Carport Spaces
- 0.00
Commoninterest
- Community Apartment
Common Walls
- 2+ Common Walls
Cooling
- Wall/Window Unit(s)
Country
- US
Current Financing
- Conventional
Direction Faces
- East
Electric
- Standard
Electric Expense
- 0.00
Fencing
- Wrought Iron
Fireplace Features
- None
Flooring
- Vinyl
- Wood
Fuel Expense
- 1242.00
Garage Spaces
- 11.00
Gardner Expense
- 1800.00
Heating
- Wall Furnace
Insurance Expense
- 5518.00
Laundry Equipment Own Lease
- Own
Laundry Features
- Dryer Included
- Gas Dryer Hookup
- Washer Hookup
- Washer Included
Levels
- Two
Lockboxtype
- None
- See Remarks
Lot Features
- Level with Street
- Lot 6500-9999
- Rectangular Lot
- Level
- Near Public Transit
Netoperatingincome
- 291487.00
Newtaxesexpense
- 60680.00
Number Of Separate Electric Meters
- 12
Number Of Separate Gas Meters
- 12
Number Wallac
- 12
Number With Dishwasher
- 12
Number With Disposal
- 12
Number With Range
- 12
Number Wit Hrefrigerator
- 12
Parcel Number
- 5623026040
Parking Features
- Assigned
Pool Features
- None
Professionalmanagementexpense
- 0.00
Property Type
- Apartment
Property Condition
- Turnkey
- Updated/Remodeled
Road Surface Type
- Paved
Roof
- Flat
Sewer
- Public Sewer
Sourcesystemid
- CRM
Sourcesystemkey
- 431655799:CRM
Spa Features
- None
Tenant Pays
- Electricity
- Gas
Totalactualrent
- 32218.00
Totalexpenses
- 88069.00
Trash Expense
- 4944.00
Uncovered Spaces
- 0.00
Utilities
- Cable Connected
- Electricity Connected
- Natural Gas Connected
- Phone Available
- Sewer Connected
- Water Connected
Vacancyallowance
- 7746
View
- Mountain(s)
Water Sewer Expense
- 4616.00
Water Source
- Public
Window Features
- Double Pane Windows
Year Built
- 1963
Year Built Source
- Assessor
Zoning
- GLC3*