515 W Lexington Dr
6 Unit Apartment Building $3,782,239 CAD ($630,373 CAD/Unit) 4.64% Cap Rate Glendale, CA 91203
INVESTMENT HIGHLIGHTS
- Turn-Key Property
- 5 of 6 Units Fully Renovated
- 10 On-Site Parking Spaces & Ample Storage Cabinets
- Built in 1988
- Central HVAC & In-Unit Washer/Dryer
- Short Distance to Americana, Galleria, and Downtown Glendale
EXECUTIVE SUMMARY
Marcus & Millichap is pleased to present 515 W. Lexington Drive, a six-unit multifamily investment opportunity located in the Vineyard neighborhood of Glendale. This turn-key asset is the perfect opportunity for a “headache free” passive investment in high rental demand area.
Constructed in 1988, 515 W. Lexington Drive comprises four two-bedroom/two-bathroom units and two one-bedroom/one-bathroom units. Sitting on a 5,954 square foot lot, the parcel is zoned R3050, making the existing six units irreplaceable with the current zoning. The 4,642 square feet of improvements boast two-bedroom units ranging between 800 and 835 square feet and one-bedroom units at 650 square feet. Five of the six units have been fully renovated, and all units have separate meters for gas and electricity along with individual water heaters and central HVAC and in-unit washer & dryers. The property offers ten parking spaces, ample storage cabinets for all tenants, owner’s storage cabinets, and gated access. Recent capital improvements to the property also include a new roof, new parking gate, new intercom access system, new windows, and renovated walkways.
Situated south of the 134 Freeway just east of Pacific Ave., 515 W Lexington is less than a mile from Downtown Glendale, the Americana and the Glendale Galleria making it an attractive asset to investors and prospective tenants looking to make this property their home. It is also within a half mile from the nearest on-ramp to the 134 Freeway, offering commuters ease of access to the I-5 Freeway, North Glendale, Burbank, Los Feliz, Pasadena and Downtown Los Angeles.
Constructed in 1988, 515 W. Lexington Drive comprises four two-bedroom/two-bathroom units and two one-bedroom/one-bathroom units. Sitting on a 5,954 square foot lot, the parcel is zoned R3050, making the existing six units irreplaceable with the current zoning. The 4,642 square feet of improvements boast two-bedroom units ranging between 800 and 835 square feet and one-bedroom units at 650 square feet. Five of the six units have been fully renovated, and all units have separate meters for gas and electricity along with individual water heaters and central HVAC and in-unit washer & dryers. The property offers ten parking spaces, ample storage cabinets for all tenants, owner’s storage cabinets, and gated access. Recent capital improvements to the property also include a new roof, new parking gate, new intercom access system, new windows, and renovated walkways.
Situated south of the 134 Freeway just east of Pacific Ave., 515 W Lexington is less than a mile from Downtown Glendale, the Americana and the Glendale Galleria making it an attractive asset to investors and prospective tenants looking to make this property their home. It is also within a half mile from the nearest on-ramp to the 134 Freeway, offering commuters ease of access to the I-5 Freeway, North Glendale, Burbank, Los Feliz, Pasadena and Downtown Los Angeles.
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
PROPERTY FACTS
| Price | $3,782,239 CAD |
| Price Per Unit | $630,373 CAD |
| Sale Type | Investment |
| Cap Rate | 4.64% |
| Gross Rent Multiplier | 14.83 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 4,642 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1988 |
| Parking Ratio | 2.15/1,000 SF |
AMENITIES
- Smoke Detector
UNIT AMENITIES
- Air Conditioning
- Disposal
- Storage Space
- Washer/Dryer
- Heating
- Kitchen
- Oven
- Range
- Tub/Shower
- Window Coverings
SITE AMENITIES
- Controlled Access
- Gas Range
- Smoke Free
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 2 | - | 650 |
| 2+2 | 4 | - | 800 - 835 |
1 of 1
Walk Score®
Very Walkable (81)
Bike Score®
Very Bikeable (72)
PROPERTY TAXES
| Parcel Number | 5637-013-048 | Total Assessment | $2,875,513 CAD (2024) |
| Land Assessment | $1,145,653 CAD (2024) | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $1,729,860 CAD (2024) | Tax Year | 2025 |
ZONING
| Zoning Code | R3050 |
