1134 Elm Ave, Glendale, CA 91201

Property Description

We are pleased to present 1134 Elm Avenue, a sixteen-unit apartment community in Glendale, California, built in 1987. The offering provides investors with a unique opportunity to purchase a premium asset with strong income metrics in one of the strongest rental markets in Los Angeles along with an attractive assumable loan. Glendale is attractive to prospective owners and renters alike. As it's located in the City of Glendale, 1134 Elm Avenue is impacted by AB 1482, meaning Statewide rent control. Additionally, there is no ULA "Mansion Tax". 1134 Elm Avenue was built in 1987 and boasts sixteen spacious apartment homes. It features an attractive unit composition of two (2) Four-Bedroom | Three-Bathroom units, two (2) Two-Bedroom | Two and a Half-Bathroom Townhome units, ten (10) Two-Bedroom | Two-Bathroom units, and two (2) One-Bedroom | One-Bathroom units. What makes the building and units so attractive are the amenities, precisely: fourteen of the sixteen units feature in-unit washer dryers, central A/C, and at least one balcony. There is a whopping total of 22 balconies or sundecks. In all, 1134 Elm Avenue features 16,738 square feet of improvements on a collective 13,313 square feet of land, zoned GLR4. The property is separately metered for gas and electrical utilities. While all the units stand out in size and design, 1134 Elm Avenue boasts two Four-Bedroom Townhome Units and two 2 Bedroom Townhomes, ideal for families or those working for home. The Four Bedroom units showcase four separate balconies, high ceilings, ensuite bathrooms, and in-unit washer/dryers. The Two Bedroom Townhomes feature private sundecks, perfect for gatherings or taking in mountain and city views, high ceilings, ensuite bathrooms, and in-unit washer/dryers. The property has seen significant updates over the years, and an updated roof in 2019. Six units have received updated kitchens, along with new/modern lighting, flooring, and bathroom updates throughout the property. The property offers enhanced security and convenience for tenants. It's fully gated with automated, subterranean parking. Fourteen of the sixteen units have two parking spaces, and the 1-Bedroom units have one space -- 30 parking spaces in all. As you approach the property from the street, there's a secure, gated entry with an intercom, and an inviting courtyard welcomes you. Tenants benefit from enhanced security with security cameras throughout the property. The location is in the heavily sought-after Glendale sub-market. 1134 Elm Avenue borders the City of Burbank and is immediately adjacent to IKEA and Downtown Burbank. Residents are also located in the highly desirable Glendale Unified School District. The location is near many favorable shopping and dining destinations and boasts a Walk Score of 85, deemed "Very Walkable" by Walkscore.com. Elm Avenue is in close proximity to major studios and just a short drive from neighboring primary employers in Hollywood and Downtown Los Angeles.