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360 W Lexington Dr, Glendale, CA 91203

$2,795,000

Description

360 W Lexington Dr in Glendale is a 6-unit building located on a quiet tree lined street in the Vineyard neighborhood of Glendale. Built in 1989, the 7,206 sq. ft building sits on a 6,712 sq. ft lot, and boasts an attractive unit mix of four (4) 2 bedroom, 2 1⁄2 bathroom and (2) 3 bedroom, 2 1⁄2 bathroom townhome style units. The property offers 11 parking spots in a secured ground level garage. Each unit is equipped with central HVAC, balconies, washer/dryer hookups, and hardwood floors. The apartments are separately metered for gas and electricity and have individual water heaters.

With a walk score of 79, tenants enjoy close proximity to the Americana at Brand and Glendale Galleria malls and the surrounding retail and restaurants. Conveniently located near highways 124, 5, and 2, tenants can quickly access all that Los Angeles metro has to offer.

Median home sales prices in the area have increased over 37% since May 2014, making it more difficult for home ownership and ensuring a continued strong rental market. With overall rent increases of 40% over the same time period and vacancy rates at near all-time lows, multifamily appreciation has seen a similar trend in value. This is an opportunity to own a property in a high demand rental market with tremendous growth potential.

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Address

  • City: Glendale
  • State/county: CA
  • Country: United States

Detail

Updated on October 2, 2019 at 7:49 pm

  • Price: $2,795,000
  • Property Size: 7,206 Sq Ft
  • Land Area: 6,712 Sq Ft
  • Garage Size: 11
  • Year Built: 1989
  • Property Type: Multifamily
  • Property Status: Active
  • Numbers of Units: 6
  • GRM: 16.93
  • CAP RATE: 3.69%
  • Price per Unit: $465,833
  • Market GRM: 14.38
  • Market CAP RATE: 4.66%

Contact info

Daniel Shieh
Daniel Shieh
(323) 825-5484(310) 990-2131
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