625 E Chestnut St
7 Unit Apartment Building $3,532,900 CAD ($504,700 CAD/Unit) 4.26% Cap Rate Glendale, CA 91205
INVESTMENT HIGHLIGHTS
- Value-Add Opportunity – 20% Upside in Rents
- Delivered with One 1-Bed Unit Vacant
- Short Distance to Americana, Galleria, and Downtown Glendale
- Brand New 1-Bed/1-Bath ADU with Central HVAC and In-Unit Washer/Dryer
- New Roof
- Landlord Friendly City – Glendale is Subject to AB1482 and Allows Higher Rental Increase Amounts than City of LA or unincorporated LA
EXECUTIVE SUMMARY
Marcus & Millichap is pleased to present 625 E. Chestnut Street, a seven-unit multifamily investment opportunity located in the Mariposa neighborhood of Glendale. This value-add asset will provide the next investor with approximately 21% of rental upside through an interior renovation program. A one-bedroom unit will be delivered vacant at the close of escrow.
Constructed in 1958, 625 E. Chestnut Street comprises five one-bedroom/one-bathroom units, one two-bedroom/one-bathroom unit, and one new one-bedroom/one-bathroom ADU unit. Sitting on a 6,968 square foot lot, the parcel is zoned R2250, making the existing seven units irreplaceable with the current zoning. The roughly 4,914 square feet of improvements boast one-bedroom units at 625 square feet, a two-bedroom unit at 975 square feet, and a two-bedroom ADU at 700 square feet. The ADU unit is equipped with a tankless water heater, central HVAC, and in-unit washer and dryer and all units have separate meters for gas and electricity. Recent capital improvements to the property also include a newer roof and updated electrical subpanels.
Situated south of Colorado Street and east of Glendale Avenue, 625 E. Chestnut is less than a mile from the Americana and the Glendale Galleria making it an attractive asset to investors and prospective tenants looking to make this property their home. The area is one of the most densely populated neighborhoods in Glendale with consistent high rental demand for apartment units.
Constructed in 1958, 625 E. Chestnut Street comprises five one-bedroom/one-bathroom units, one two-bedroom/one-bathroom unit, and one new one-bedroom/one-bathroom ADU unit. Sitting on a 6,968 square foot lot, the parcel is zoned R2250, making the existing seven units irreplaceable with the current zoning. The roughly 4,914 square feet of improvements boast one-bedroom units at 625 square feet, a two-bedroom unit at 975 square feet, and a two-bedroom ADU at 700 square feet. The ADU unit is equipped with a tankless water heater, central HVAC, and in-unit washer and dryer and all units have separate meters for gas and electricity. Recent capital improvements to the property also include a newer roof and updated electrical subpanels.
Situated south of Colorado Street and east of Glendale Avenue, 625 E. Chestnut is less than a mile from the Americana and the Glendale Galleria making it an attractive asset to investors and prospective tenants looking to make this property their home. The area is one of the most densely populated neighborhoods in Glendale with consistent high rental demand for apartment units.
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 | $3,532,900 CAD |
| Price Per Unit | $504,700 CAD |
| Sale Type | Investment |
| Cap Rate | 4.26% |
| Gross Rent Multiplier | 15.73 |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 4,914 SF |
| Average Occupancy | 86% |
| No. Stories | 2 |
| Year Built | 1958 |
| Parking Ratio | 0.61/1,000 SF |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 5 | - | - |
| 2+1 | 1 | - | - |
1 of 1
Walk Score®
Very Walkable (88)
Bike Score®
Very Bikeable (76)
PROPERTY TAXES
| Parcel Number | 5675-004-020 | Total Assessment | $2,367,177 CAD (2024) |
| Land Assessment | $955,975 CAD (2024) | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $1,411,201 CAD (2024) | Tax Year | 2025 |
ZONING
| Zoning Code | R2250 |
