(3) 2+1 units and (6) 1+1 units
Year Built 1957
Upside in rents
North of Glenoaks
The Alexanian Apartment Advisors are pleased to exclusively offer the Melrose Place Apartments for sale, a 9 unit professionally managed multifamily asset in Glendale.
Situated North of Glenoaks Blvd in Glendale, this traditional apartment building is comprised of spacious (3) 2+1 units and (6) 1+1 units. Typically, assets in this prime rental pocket have a higher barrier to entry and historically lower vacancy as well. There is a multitude of different elementary to high schools, shops & cafes including Starbucks, Ralphs, and other easily accessible amenities in walking distance.
The well laid out units also benefit from onsite parking, laundry and landscaped grounds. The current long term family owners in conjunction with a professional management company, have mutinously maintained the asset. The newer pitched roof, partial copper plumbing offer a well operating building. Due to the long term hold and loss to lease, there is approximately 14% rental upside.
The extremely close proximity to Americana at Brand, or better known as one of L.A.’s premiere dinning, shopping and entertainment hot spots, is a major plus for tenants. There has been significant entry by retailers and employers into the city, making it a truly live-work city.
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