701 W Glenoaks Boulevard

Description

Marcus & Millichap is pleased to announce the opportunity to purchase 701 West Glenoaks Boulevard, a 6-unit multifamily property in an excellent Glendale, CA location. There are many smaller multifamily properties that line Glenoaks Boulevard, a major thoroughfare that travels through Glendale, Burbank and into east San Fernando Valley, however investment opportunities are rare along the corridor.Available at an attractive $332,500 per unit while similar properties have sold for an average of $368,000 per unit, the property provides a tremendous opportunity for an investor to acquire a property in one of the most desirable neighborhoods in Glendale. The opportunity for the implementation of renovations and a RUBS program can dramatically boost future income streams and the overall value of the asset.The property is comprised of two separate structures that include a two-story fourplex in the front that contains four 2 bed/1 bath units and a two-story duplex in the rear that contains a 1 bed/1 bath unit on the bottom, a large 2 bed/1 bath unit on top, and two private car garages. The units in the front are individually metered for gas and electric while the units in the rear are both on one gas and electric meter. Located at the northwest corner of Glenoaks Boulevard and Concord Avenue, residents are within walking distance of the local schools and the Metro and Glendale Beeline Bus stops. Glenoaks Boulevard is lined with many restaurants, retail shops and businesses and the provides tenants with ease of access to larger retail centers located at Glendale Galleria, The Americana of Glendale, The Burbank Town Center, and Empire Center of Burbank. The proximity to the 134 and 5 Freeways will provide tenants with an easy commute to nearby neighborhoods such as Burbank, Eagle Rock, Los Feliz, Downtown Los Angeles, Pasadena, and all areas of San Ferando Valley.