INVESTMENT HIGHLIGHTS
- Outstanding location bordering Burbank and within walking distance to Burbank Downtown and Ikea Burbank
- First time offered for sale since it was built
- True value-add opportunity with highest allowable rent increase (AB1482- 5%+CPI)
- Excellent demographics with ±$89,198 average household incomes
- Easy to maintain property as-is, yet provides upside potential making this as a truly pride-of-ownership apartment
- Easy access to the 5 FWY, 134 FWY, and Downtown Los Angeles
- Located within the highly desirable Glendale Unified School District
- Located in a Very Walkable neighborhood with Walk Score of 78 out of 100
- Perfect for a long-term hold buyer who plans to hold this as a multi-generational investment property or a 1031 exchange buyer
PROPERTY HIGHLIGHTS
- Gate-community apartment constructed in 1986 (copper plumbing, central A/C, etc.)
- Excellent unit mix with good distributions of 2bed and 1bed units
- Gated, underground parking; ZERO Soft story retrofit
- ZERO ELECTRIC BILLS! Solar panels installed – owner receives credit from electric company!
- Each unit is equipped with central A/C & heating
- Refreshed bathrooms and kitchen vanities, stainless steel sinks, updated appliances, updated tile and laminate wood flooring
- Recently replaced roof and air conditioning units
- Well-maintained property with no known deferred maintenance
- Cost-efficient features such as, electricity generating solar system (zero electric bill), “electric eye”, newer polyurethane roof, dual-pane windows, individual water heaters, 1.5 GPF plumbing, and recently installed 600-gallon solar water central heating system (a $30,000 upgrade)
EXECUTIVE SUMMARY
Growth Investment Group is proud to exclusively present 1031 Justin Ave, a 20-unit apartment located in the highly desirable city of Glendale, bordered by the City of Burbank. The property offers superb location with access to many amenities, within walking distance to IKEA Burbank, Burbank Downtown, many shopping centers, close to schools, parks, local and national retailers, dining and upscale shopping, entertainment, and easy access to freeways (5 FWY and 134 FWY). This is the first time it has been offered for sale by the current owner that built it, and most of the tenants are long-time tenants that are on month-to-month lease. This provides significant upside potential to add value by increasing rent and return.
1031 Justin is a beautifully maintained garden style apartment community built in 1986. Due to its newer construction, it offers many desirable amenities such as gated, subterranean parking, secured entrance, central A/C and heating in each unit, copper piping, and much more. It is situated on a quiet residential street surrounded by other a single-family and condominium communities. It offers a superb unit mix of 8 (eight) 2 bed + 2 bath units, and twelve (12) 1 bed + 1 bath unit on a large lot size of ±14,513 SF with a total building size of ±16,116SF.
The property has an excellent curb appeal and has been well maintained throughout current ownership with no known deferred maintenance with recently incorporated cost-efficient features such as, electricity generating solar system (zero electric bill – seller receive credit from electric provider), “electric eye”, 600-gallon solar water central heating system (±$30,000 upgrade – buyer to verify), newer polyurethane roof, dual-pane windows, new air conditioning units, on-site laundry (machines owned), central A/C and heating, and central hot water system with solar panels.
Each unit offers a generous layout, recessed lighting, central A/C and heating, updated appliances with granite kitchen countertops, shaker style cabinets, and stainless-steel kitchen appliances, tile and laminate wood flooring, and refreshed bathroom vanities. Most units have private patio or balcony. The property offers a single level gated subterranean parking garage. It has 32 parking spaces.
The Raymond Apartments’ strong unit mix and excellent location is perfect for an investor seeking growth, stability, and a hedge against inflation. A new owner will be able to increase rents with minimal capital injection upon vacancy, and further push rents with complete unit renovations. The property is subject to AB 1482 and the Glendale Rent Ordinance.
Location Amenities and Access
1031 Justin Ave is located in the prestigious city of Glendale, near Burbank, just below Glenoaks Boulevard in one of the most solid rental submarkets within the Tri-Cities and the San Fernando Valley. Glendale is Los Angeles County’s third largest city, with a population approaching 210,000. It offers excellent access to two major freeways in the area (5 FWY and 134 FWY), providing access to other parts of Greater Los Angeles area. It is located within the sought after Glendale Unified School District for Thomas Jefferson Elementary, Toll Middle School, and Herbert Hoover High School, known for their Scholastic Bowl Championship awards.
The property is located approximately nine miles north of downtown Los Angeles and close to freeways that offer quick access to business, recreational and other locations throughout Southern California. The property is strategically situated near dining, upscale shopping at the Glendale Galleria and Americana at Brand, and just a few miles northeast of Hollywood, known as the “Media Capital of the World” and Burbank, home to Walt Disney and Warner Bros. Studios. It is minutes to the largest IKEA in the US, Burbank Bob Hope Airport, Downtown Burbank Metrolink Station, Home Depot, Kaiser Permanente Medical Center, Department of Motor Vehicles, Costco Wholesale, Griffith Park, the LA Zoo, and two major shopping centers. The Burbank Town Center and Downtown Burbank, offers more than 170 retail stores, restaurants and dining with lively outdoor patios lining San Fernando Blvd, and entertainment venues, including Macy’s, Sears, Bed Bath & Beyond, Barnes & Noble, and AMC Theatres where surface lots and garage parking is free. The Burbank Empire Center is one Los Angeles’ largest grossing shopping centers, featuring Walmart, Target, Nordstrom Rack, Best Buy, Lowe’s, Outback Steakhouse, Olive Garden, and many more.
Glendale is a progressive community that offers the best in urban-suburban living and is an optimal location for successful businesses large and small. Widely respected for its well-managed municipal government, police and fire protection, excellent award-winning schools and medical centers, Glendale is one of Southern California’s retail shopping destinations, along with centers for banking/investments and entertainment. With an ideal climate and picturesque setting, it’s no secret why Glendale is called the “Jewel City.” In 2014, Glendale was named the ninth-safest city in America according to a report published by 24/7 Wall Street. Also in 2014, real estate company, Movoto, utilized FBI crime data to conduct a study and concluded that Glendale is the safest mid-sized city in America.