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    1217 E Harvard Street

    Glendale, CA 91205
    • $5,975,000
    • STATUS: Active
    • ON SITE: 129 days
    • ID#: P1-4858
    UPDATED: 15 min ago
    $5,975,000
    • 0
      BEDS
    • 0.54
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1925
    County:

    School Ratings & Info

    Description

    22 unit Spanish Colonial Revival Bungalow Court apartment on Harvard Street in Glendale, California. 22 1-bed/1-bath units, a central laundry room, 19 carports, 1 one-car garage, a large 300 sf storage room, and a smaller storage room. 20 of 22 units have been remodeled by its retired general contractor owner over the past 20 years. Rarely ever a vacancy or a late payer. 100% occupied. Tenants pay lower-than-market rents and have had no increases in a few years. Totaling 11,537 sf and situated on a 23,630 sqft flat lot. Separately metered electric and gas, copper plumbing, AC wall units, newer roofs. Easy to maintain....this property has been self managed for decades. Offering historic value as well as investment opportunity in one of LA's most attractive rental markets. Upsides include continued rent growth projections, eligible for significant Mills Act tax savings, raising rents, adding a yearly escalation clauses, interest on security deposits, charging for parking (half the tenants don't own a car), renting out 3 storage units, and converting carports into ADU's. Glendale is an entertainment and shopping destination in Los Angeles, synonymous with high-end retail and comfortable living. Americana at Brand is less than 1 mile away. Located in the southern portion of Glendale, closest to commerce, and in close proximity to schools and transportation (a few blocks from the 134 and 2 fwy's). Zoning R2250 - Medium Density Residential.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-09-28T11:31:35.1. 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 Brandon Hobbs Group | Compass. Licensed in the State of California, USA.
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    1217 E Harvard Street Glendale, CA 91205

    • Price: $5,975,000
    • Status: Active
    • Updated: 15 min ago
    • ID#: P1-4858
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.54
    Acres
    1925
    Built
    Neighborhood:
    Not Applicable
    County:
    Los Angeles
    Property Description
    22 unit Spanish Colonial Revival Bungalow Court apartment on Harvard Street in Glendale, California. 22 1-bed/1-bath units, a central laundry room, 19 carports, 1 one-car garage, a large 300 sf storage room, and a smaller storage room. 20 of 22 units have been remodeled by its retired general contractor owner over the past 20 years. Rarely ever a vacancy or a late payer. 100% occupied. Tenants pay lower-than-market rents and have had no increases in a few years. Totaling 11,537 sf and situated on a 23,630 sqft flat lot. Separately metered electric and gas, copper plumbing, AC wall units, newer roofs. Easy to maintain....this property has been self managed for decades. Offering historic value as well as investment opportunity in one of LA's most attractive rental markets. Upsides include continued rent growth projections, eligible for significant Mills Act tax savings, raising rents, adding a yearly escalation clauses, interest on security deposits, charging for parking (half the tenants don't own a car), renting out 3 storage units, and converting carports into ADU's. Glendale is an entertainment and shopping destination in Los Angeles, synonymous with high-end retail and comfortable living. Americana at Brand is less than 1 mile away. Located in the southern portion of Glendale, closest to commerce, and in close proximity to schools and transportation (a few blocks from the 134 and 2 fwy's). Zoning R2250 - Medium Density Residential.
    Exterior Features

    Architectural Style BungalowColonialSpanish Carport Spaces 19 Carport YN Yes Construction Materials StuccoCopper Plumbing Direction Faces South Fencing Wrought Iron Lot Features Front YardGardenLawnLandscapedLevelRectangular LotStreet Level Number Of Separate Electric Meters 22 Other Structures Storage Parking Features Attached CarportAssignedCarportGarage Parking Total 20 Pool Features None Pool Private YN No Property Attached YN Yes Road Frontage Type City Street Road Surface Type MaintainedPaved Roof Tile Spa Features None Spa YN No View None View YN No

    Interior Features

    Common Walls 2+ Common Walls Cooling Wall/Window Unit(S) Cooling YN Yes Fireplace Features None Fireplace YN No Heating Forced Air Heating YN Yes Interior Features Open Floorplan

    Property Features

    Additional Parcels YN No Community Features BikingCurbsGutter(S)ParkStorm Drain(S)Street LightsSuburbanSidewalks Fuel Expense 5589 Garage YN Yes Gross Income 378624 Gross Scheduled Income 378624 Insurance Expense 5500 Land Lease YN No Laundry Features Common Area Levels OneTwo Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash To New LoanConventionalSubmit Net Operating Income 275721 New Taxes Expense 0 Number Of Separate Gas Meters 22 Number Of Separate Water Meters 0 Number Of Units Leased 22 Operating Expense 102903 Other Expense 78750 Possession Close Of Escrow Property Condition Updated/RemodeledTurnkey Property Sub Type Apartment Rent Control YN No Security Features Carbon Monoxide Detector(S)Smoke Detector(S) Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Tenant Pays ElectricityGas Total Actual Rent 31552 Trash Expense 2742 Utilities Cable AvailableElectricity ConnectedNatural Gas ConnectedPhone AvailableSewer ConnectedUnderground UtilitiesWater Connected Water Sewer Expense 0 Water Source Public Zoning R2250

    Listing provided courtesy of Michael Bell of Sotheby's International Realty, Inc.


    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-09-28T11:31:35.1. 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 Brandon Hobbs Group | Compass. Licensed in the State of California, USA.
     
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