1221 Stanley Ave

Now available for the value-add investor, 1221 Stanley Ave is an 8-unit multi-family building built in 1985. This charming 2-story apartment building has a unit mix consisting of all 2 bed + 2 bath units. The secured entry 7,072 SF property sits on a 7,582 SF lot and has subterranean garage parking with 2 spaces per unit.

This asset is located on Stanley Ave just East of N Chevy Chase Dr, in the heart of Citrus Grove, which is a highly diverse and dynamic neighborhood within Glendale. Tenants enjoy being close to Adventist Hospital, downtown which features The Americana at Brand, the Museum of Neon Art featuring a collection of over 100 items, and within walking distance to many retailers, markets, restaurants, and parks. Tenants can quickly access public transportation as well as the 134 freeway and Highway 2 interchange only moments away.

There may not be a better place for an investor to deploy their capital when considering that assets nearby have been appreciating at a rate faster than the US average, which in the last 12 months has been greater than 20%. The new buyer will have an opportunity to create over 32% upside in rental income through tenant turnover and/or “cash-for-keys” negotiations. The new owner of this deal will benefit from a stable asset owned and operated by the same family for over 38 years that has recent capital improvements made.

Location is key, and Glendale has been “on fire” as a renter’s market. Rental rates have been on a consistent rise and with the costs of home prices in the area, it is believed that the rents still have room to grow.