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March 25, 2019
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MULTIFAMILY NEWS
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Glendale Apartment Building Sells for $217k/Unit

1/10/19

A 15-unit multifamily investment property in Glendale sold for $3.26 mil, or $217.3k/unit. The building, located at 511 S. Verdugo Rd, sold at a 5.0% cap rate.

The apartment building is located at 511 S. Verdugo Road. The two-story, wood frame structure was built in 1962. The unit mix incudes 13 one-bedroom apartments, one studio and one two-bedroom unit with an average size of almost 1.2k sf. The complex features 10 carports and five open spaces for a total of 15 parking spaces on the premises.

All the units in the building are market rate. At the time of sale, the complex was 100% occupied. The property enjoys proximity to major amenities such as The Americana at Brand, Glendale Galleria, Glendale Memorial Hospital and excellent transportation access to the 134, 2 and 5 freeways.

Charles F. Dunn with NAI Capital represented the seller, Monica Properties LLC. The buyer was 511 S. Verdugo LLC.





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