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Listing Details

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School Ratings & Info

Description

1060 Raymond Avenue, 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. 1060 Raymond is a beautifully maintained garden style apartment community built in 1987. 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 (1) 3 bed + 2 bath unit, (11) 2 bed + 2 bath units, (7) 1 bed + 1 bath units, and (1) Studio unit with a total of 24 gated parking spaces on a large lot size of 14,837 SF with a total building size of 16,169 SF. 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 counter tops, 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 strong unit mix and excellent location is perfect for an investor seeking growth, stability, and a hedge against inflation.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2021-09-19T18:26:50.17. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Latrice Deluna Homes | The Orion Group. Licensed in the State of California, USA.
www.findorangecountyhomelistings.com/homes/119079808
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1060 Raymond Avenue Glendale, CA 91201

  • Price: $8,100,000
  • Status: Active
  • Updated: 67 min ago
  • ID#: AR21147571
0
Beds
0
Baths
0
½ Baths
0.34
Acres
1987
Built
Neighborhood:
626 - Glendale-Northwest
County:
Los Angeles
Area:
626 - Glendale-Northwest
Property Description
1060 Raymond Avenue, 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. 1060 Raymond is a beautifully maintained garden style apartment community built in 1987. 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 (1) 3 bed + 2 bath unit, (11) 2 bed + 2 bath units, (7) 1 bed + 1 bath units, and (1) Studio unit with a total of 24 gated parking spaces on a large lot size of 14,837 SF with a total building size of 16,169 SF. 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 counter tops, 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 strong unit mix and excellent location is perfect for an investor seeking growth, stability, and a hedge against inflation.
Exterior Features

Carport Spaces 0 Lot Features Rectangular LotStreet Level Number Of Separate Electric Meters 21 Open Parking Spaces 0 Parking Features Controlled EntranceCovered Parking Total 32 Pool Features None Pool Private YN No Property Attached YN Yes

Interior Features

Common Walls 2+ Common Walls Cooling Central Air Cooling YN Yes Fireplace Features None Fireplace YN No Flooring LaminateTile Heating Central Heating YN Yes

Property Features

Additional Parcels YN No Association Fee 0 Association YN No Cap Rate 3.82 Common Interest Community Apartment Community Features Suburban Contingency Drive By Only. Buyer To Pay For Buyer's Agent's Commissions. Fully Occupied. Send An Email For Full Marketing Setup. Current Financing Conventional Electric Standard Electric Expense 0 Fuel Expense 0 Garage YN Yes Gross Income 442888 Gross Scheduled Income 442888 Insurance Expense 9442 Land Lease YN No Laundry Features Common Area Levels Two Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash To New Loan Maintenance Expense 2088 Net Operating Income 308935 New Construction YN No New Taxes Expense 87770 Number Of Separate Gas Meters 21 Number Of Separate Water Meters 1 Number Of Units Leased 20 Operating Expense 120666 Possession Close Of Escrow Property Sub Type Apartment Rent Control YN No Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Tenant Pays ElectricityGas Total Actual Rent 36774 Trash Expense 11956 Utilities Cable AvailableElectricity ConnectedNatural Gas ConnectedPhone AvailableSewer ConnectedWater Connected Vacancy Allowance Rate 3 Water Sewer Expense 0 Water Source Public Zoning Glr4yy

Listing provided courtesy of Handoko Chen of Gig Real Estate Inc. and Jeanelle Mountford of Gig Real Estate Inc.


Based on information from California Regional Multiple Listing Service, Inc. as of 2021-09-19T18:26:50.17. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Latrice Deluna Homes | The Orion Group. Licensed in the State of California, USA.
 
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Latrice Deluna Homes | The Orion Group
4533 MacArthur Blvd Ste 5074
Newport Beach CA, 92660