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Colonial Oak Apartments 1815-1817 E Chevy Chase Dr

8 Unit Apartment Building $4,642,214 CAD ($580,277 CAD/Unit) 5.20% Cap Rate Glendale, CA 91206

Investment Highlights

  • (8) 2+1s - over 1,000 sf/unit
  • Upgraded sub-panels, newer windows
  • 5.2% cap, 6.4% @ market
  • High demand rental pocket
  • 14.2 grm, 12 @ market
  • Multiple ADU potential

Executive Summary

The Alexanian Apartment Advisors are pleased to be retained as exclusive marketing advisors for the Colonial Oak Apartments., situated in one of the most niche neighborhoods within the city of Glendale.
In the super low turnover and historically vacancy-proof pocket, the opportunity offers a pride of ownership acquisition in one of the most landlord-friendly cities in California. Well maintained, the property has a pitched roof, upgraded electrical sub-panels, newer windows, professionally landscaped, ample on-site parking & laundry facility.
All units are 2 bedrooms, averaging over 1,000 sf, sitting on an almost 15,000 sf corner lot.
Although the offering is already priced well at 14.2 GRM , there is considerable rental upside by way of loss to lease and or modernization of interiors, the GRM falls to 12. Furthermore, California recently passed SB 211, allowing for a maximum of (8) ADUs but not to exceed the total number of existing units. With the implementation of a couple of ADUs (buyer to verify), the building would pay for itself in 8 years!
The Colonial Oak Apartments are just under 4 miles to the Chevy Chase Country Club (CCCC), a hidden gem in the Verdugo Mountains. Some of the long list of amenities are the 18 hole golf course & driving range, tennis courts, swimming pool, clubhouse, exquisite dining options, fitness center and entertainment venue.
The local home value per homes.com is $1,632,000, enforcing considerable affordability gap to own a single-family home in this area, a major driver of rents as well. The Colonial Oak Apartments are the only multifamily investment opportunity available for acquisition in the area and in the zip code.
Located in a very peaceful and residential area yet close to major retail, schools, shops and entertainment. The opportunity provides for consistent cashflow and forever built-in demand for occupancy.
* Contact Greg Alexanian for offering memorandum or any questions *

Property Facts

Price $4,642,214 CAD
Price Per Unit $580,277 CAD
Sale Type Investment
Cap Rate 5.20%
Gross Rent Multiplier 14.2
No. Units 8
Property Type Multifamily
Property Subtype Apartment
Apartment Style Low Rise
Building Class C
Lot Size 0.33 AC
Building Size 8,278 SF
Average Occupancy 100%
No. Stories 2
Year Built 1948

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
2+1 8 - -

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
5665-018-014
Land Assessment
$1,711,280 CAD
Improvements Assessment
$1,163,672 CAD
Total Assessment
$2,874,952 CAD

zoning

Zoning Code R4, Glendale
R4, Glendale
  • Listing ID: 34162931

  • Date on Market: 2024-12-11

  • Last Updated:

  • Address: 1815-1817 E Chevy Chase Dr, Glendale, CA 91206

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