950 N Louise St - Apartments FOR SALE


Glendale, CA 91207
$9,950,000 USD
818-456-7846
950 N Louise St, Glendale, CA for Sale
$9,950,000 USD
Apartments - FOR SALE
1/9
null | 4.86% Cap Rate

950 N Louise St
Glendale, CA 91207


HIGHLIGHTS

  • First Time on Market in 50+ Years
  • Prime Location | North of Glenoaks
  • Large Spacious Units | Avg Size 1,388 SF
  • Opportunity to Add Solar to Reduce Utility Cost
  • Over $1,000,000 in Capital Improvements | 17 Units Have Been Remodeled
  • Potential for 90% Improvement Value for Depreciation (Buyer to Independently Verify)

OVERVIEW

Andy C Kawatra of Marcus & Millichap, retained as the exclusive listing agent, is pleased to present a truly unique and rare opportunity to purchase a twenty-five (25) unit apartment building located in prime Glendale, resting in the hills above Glenoaks. Originally constructed in 1969, the property features one building with three floors. The property features large and spacious units with an average size of 1,388 square feet and a unit mix of twenty-one (21) 2 bedroom 2 bathroom units, three (3) 3 bedroom 2 bathroom units, and one (1) 1 bedroom 1 bathroom non-conforming unit. Each unit comes with a storage locker (located in the laundry room), one assigned parking space (select units have 2 spaces, and a private patio/balcony. Landlord pays electrical utility bill for the for the common AC System. Each unit has its own thermostat and coil system. The laundry machines are owned. Seventeen (17) units have been upgraded over the years with hardwood floors and granite countertops. Common area amenities included secured parking and on-site coin operated laundry facilities, common A/C Tower with Chiller and common boiler. Units are separately metered for electricity, and do not feature gas. The only gas portion of the building is for the boiler. Ownership has spent over $1,000,000 on capital improvements. This phenomenal location offers a walk score of 80 out of 100 demonstrating the high walkability of the area. Tenants also have convenient access to the 134, 2, 210 Freeways, and downtown Glendale; home to the Galleria, Americana, and Brand Blvd. Brand has it all for people who live here, work here, and who want to explore here, seven days a week 18-hours a day. Meet Me on Brand is the official marketing effort of the Glendale Economic Development Corporation to promote an 18-Hour Day on Brand Boulevard.

FOR SALE DETAILS

PRICE

$9,950,000 USD

PRICE/SF

$287 USD /SF

# OF UNITS

25

PRICE/UNIT

$398,000

CAP RATE

4.86%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

The Empress Louise

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1967

PARKING SPACES

33

LAND DETAILS

LAND ACRES

0.39 AC

LAND SF

16,988 SF

ZONING

R1250

APN/PARCEL ID

5644-015-064

ASK ABOUT THIS PROPERTY

Andy KawatraMarcus & MillichapMore Info
818-456-7846

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Andy KawatraMarcus & MillichapMore Info
818-456-7846

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.