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$ 4,995,000
Est. payment /mo
Active
629 E Elk AVE Glendale, CA 91205
22 Beds
14 Baths
10,700 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 10,700 sqft
Price per Sqft $466
MLS Listing ID 26655543
Bedrooms 22
HOA Y/N No
Year Built 1986
Lot Size 0.311 Acres
Property Description
This stabilized asset features in-place rents approximately 10% below market, with Glendale's Rental Ordinance (aligned with statewide AB 1482 provisions) allowing annual increases of 5% + CPI. This positions an investor to capture the remaining upside relatively quickly through standard adjustments. Additional income streams include monthly laundry income and storage income from three larger on-site storage units. Built in 1986, the asset totals 10,700 square feet and includes six 1-bed/1-bath units, six 2-bed/1-bath units, and two larger 2-bed/1-bath units. Ten of the fourteen units have been upgraded with laminate flooring, modern appliances, quartz countertops, and in several cases split-system A/C. For investors looking to maximize cash flow, the property will be delivered with approved plans to convert the three storage units into two brand new 2-bedroom/1-bathroom ADUs, enabling the new owner to add nearly $60,000 in annual rental revenue. Additional features include gated and controlled access, separate gas and electric meters per unit, on-site laundry room, and gated parking. The 13,531-square-foot lot is zoned R2250, rendering the current 14-unit configuration irreplaceable under existing zoning this truly represents the highest and best use. Positioned just east of S. Glendale Avenue and one block south of E. Colorado Street, the property is less than a mile from both The Americana at Brand and the Glendale Galleria. It offers excellent proximity to major thoroughfares and sits in one of Glendale's most sought-after neighborhoods, prized for its walkability, local retail, and access to business and amenities.
Location
State CA
County Los Angeles
Area 628 - Glendale-South Of 134 Fwy
Zoning GLR4*
Interior
Fireplace No
Exterior
Parking Features Assigned
Total Parking Spaces 21
Building
Story 3
Entry Level Multi/Split
Level or Stories Multi/Split
New Construction No
Others
Senior Community No
Tax ID 5674025037
Special Listing Condition Standard
Listed by Roderick 'Rick' Raymundo Marcus & Millichap #01357019
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