354 W Elk Avenue, Glendale, CA 91204
Property
Sold June 2023
Listing Agent: Levon Alexanian (DRE #00911091) · Listing Office: Keller Williams World Media Center · Contact: 818-239-3500 · Bought with: Raffi Soualian · JohnHart Real Estate · MLS #SR22241201 · Source: CRMLS
About this property
$100,000 price reduction... We are pleased to introduce a rare opportunity to acquire a TRUE walk to Americana & Galleria investment opportunity. Elk Americana is comprised of 6 units which are all renovated. Situated just 1 block from both, this 6 unit offering awards tenants the utmost walkability with a Walk Score of 91! The current ownership has done an astute job of renovating units to modern amenity finishes which complements the craftsman styled feel of the property. Due to the property’s unique aesthetic and proximity to downtown Glendale, vacancy is either non-existent or quickly absorbed. New ownership can continue to run this ease of management asset while capturing loss to lease with minimal effort. Rear building was repipied in 2019. Offered at a very attractive in-place CAP rate of 4.35% and 15.7 GRM, that asset at market rents will provide 5.02% CAP and 14.1 GRM, hard to find metrics in the Gem City. ** Contact listing agent for offering memorandum **
Listing description from the June 2023 sale, as reported to CRMLS.
Sale history