1063 Justin Ave Glendale, CA 91201
Grandview NeighborhoodEstimated payment $36,856/month
Highlights
- Midcentury Modern Architecture
- Mountain View
- Wood Flooring
- Herbert Hoover High School Rated A-
- Property is near public transit
- No HOA
About This Home
±5.20% ACTUAL CAP RATE - Cash-flowing day 1 without needing to upgrade any unit! Year 2 CAP Rate is 6.01% with an annual rent increase. The 1063, a HIGH CAP Rate turnkey luxury 12-unit apartment community located in the highly desirable city of Glendale, bordered by the City of Burbank. The property offers superb location (Walkscore 86) 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). The offering is unique due to its prime location, High CAP Rate, and turnkey conditions. New owner can enjoy high quality location, asset, and good cash flow immediately without the hardships of relocating tenants and managing construction crews.
1063 Justin is a beautifully upgraded and maintained garden style apartment community built in 1963. It is a two-story walkup apartment consisting of 12 units. It offers a beautifully landscaped (drought tolerant) center courtyard common area. It offers a superb unit mix of four (4) LARGE 2 bed + 1 bath units, six (6) spacious 1 bed + 1 bath units, and two (2) Studio units. Each unit one has been fully upgraded with full electrical and plumbing upgrades (plumbing upgrade in unit), new high durability wood vinyl and tile flooring in bathroom, new windows throughout, in-unit combo washer/dryer, state of the art mini-split HVAC systems, new kitchen with quartz kitchen countertop and new kitchen cabinets and stainless-steel kitchen appliances (gas range, dishwasher, and refrigerator), and new bathrooms with new vanities, toilets, bathtubs, and name brand fixtures.
The exterior upgrades include a new façade, new exterior paint and signage, new entry gate, completely redone landscaping, updated electrical, and much more! Each unit is large with an excellent layout. One of the 2bedroom unit has a private balcony. The property is separately metered for electricity and gas. The property offers a single level gated parking area with 11 parking spaces. It is serviced by a master water heater and has additional shared laundry room.
Listing Agent
Growth Investment Group Pasade Brokerage Email: han.chen@growthinvestmentgroup.com License #01749321
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1963 | Remodeled
Lot Details
- 7,327 Sq Ft Lot
- Two or More Common Walls
- East Facing Home
- Wrought Iron Fence
- Rectangular Lot
- Level Lot
Parking
- 11 Car Garage
- Parking Available
- Assigned Parking
Home Design
- Midcentury Modern Architecture
- Apartment
- Turnkey
- Flat Roof Shape
Interior Spaces
- 2-Story Property
- Double Pane Windows
- Mountain Views
Kitchen
- Gas Range
- Range Hood
- Microwave
- Dishwasher
- Disposal
Flooring
- Wood
- Vinyl
Bedrooms and Bathrooms
- 3 Bedrooms
- 3 Bathrooms
Laundry
- Laundry Room
- Dryer
- Washer
Location
- Property is near public transit
- Suburban Location
Utilities
- Cooling System Mounted To A Wall/Window
- Wall Furnace
- Natural Gas Connected
- Phone Available
- Cable TV Available
Listing and Financial Details
- Tax Lot 69
- Tax Tract Number 3196
- Assessor Parcel Number 5623026040
- Seller Considering Concessions
Community Details
Overview
- No Home Owners Association
- 12 Units
Building Details
- 12 Leased Units
- Rent Control
- 12 Separate Electric Meters
- 12 Separate Gas Meters
- 1 Separate Water Meter
- Fuel Expense $1,242
- Gardener Expense $1,800
- Insurance Expense $5,518
- Maintenance Expense $5,660
- Trash Expense $4,944
- Water Sewer Expense $4,616
- New Taxes Expense $60,680
- Operating Expense $88,069
- Gross Income $387,302
- Net Operating Income $291,487
Map
Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 02/05/2025 02/05/25 | For Sale | $5,600,000 | +71.5% | -- |
| 06/30/2021 06/30/21 | Sold | $3,265,000 | -11.6% | $355 / Sq Ft |
| 03/12/2021 03/12/21 | For Sale | $3,695,000 | -- | $402 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: AR25026754
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Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
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