Description

We are pleased to present Chevy Chase Manor, a sixteen-unit multifamily investment opportunity located in the Tropico neighborhood of South Glendale. This value-add opportunity is being offered at a 5.21% ca rate and will provide the next investor with roughly 30% in rental upside that can be captured through the implementation of an interior and exterior renovation program. Ownership has recently administered rental increases for all tenants except one which bill increased in August. 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. Situated on the south side of Chevy Chase Dr. between S. Brand Blvd. and S. Glendale Ave., Chevy Chase Manor is within a short distance of Downtown Glendale, the Americana and the Glendale Galleria making it an attractive asset to investors and prospective tenants looking to make this property their home. It is also within two miles from the nearest on-ramp to the I-5 Freeway, offering commuters ease of access to North Glendale, Burbank, Los Feliz and Downtown Los Angeles.

Facts

| Built in 1964 | Lot Size: 9585.00 sqft | HOA Dues: $0/month

Features