405 Salem Street, Glendale, CA 91203
Property · 2 recorded sales since 2020
Sold May 2023
Listing Agent: ALBERT LE (DRE #01468313) · Listing Office: LE INVESTMENT GROUP · Contact: 909-256-7889 · Bought with: Sean Madadian · Magic Realty · MLS #IV23034094 · Source: CRMLS
About this property
HIGHLIGHTS: Competitive offering actual In-place CAP Rate of 3.65% / ProForma CAP Rate of 4.49% will be achieved with all units paying market rent. / Gross monthly property wide rents are approximately 16% under market ($1,770/monthly). / Excellent unit mix of (4) large 2 bedroom 2 bathroom units (80%) & (1) oversized 3 bedroom 2 bathroom unit (20%). / The market rent for a 2 bedroom unit in Glendale is app. $2,250-$2,400 / The market rent for a 3 bedroom unit in Glendale is app $3,050-$3,200 / The property has a current GRM of 18.85 With a ProForma GRM of 16.24 / 100% occupied in 100% occupancy area. / The property is located just blocks for the Glendale Galleria. The Glendale Galleria is an expansive three-story regional shopping center. The 5-unit property is composed of Four (4) two-bedroom / two-bathroom units and One (1) three-bedroom / two-bathroom unit. The property was built in 1970 and features tuck-under onsite parking. The property is located just minutes from The Glendale Galleria (0.7 miles) & The Americana At Brand (0.8 miles).
Listing description from the May 2023 sale, as reported to CRMLS.
Sale history
