125 Chestnut Street, Glendale
Glendale Home For Sale
With current rents averaging only $2.02 per square foot, the property allows ample room for consistent income improvement. A new investor may be able to capture the approximately 62% rent upside more rapidly as well, as the property is granted higher allowable rent increases via AB 1482, when compared to other assets subject to more prohibitive local rent control. Situated in the heart of Glendale, near the intersection of Brand Boulevard and Colorado Boulevard, the building offers tenants numerous dining and shopping options, as reflected in its high Walk Score of 96. Between the Americana at Brand and the revamped Glendale Galleria, both just three blocks north, tenants gain convenient access to destinations such as Din Tai Fung, The Cheesecake Factory, Bacari GDL, and Bourbon Steak. Local retailers include Tiffany & Co., Nordstrom, The Apple Store, Lululemon, and Target. In addition to cash flow improvements gained through rent increases, a new owner may also benefit from the supplemental revenue streams that the building offers. The large basement could potentially be leased to tenants for extra storage income. Also, recent new leases have included tenants paying an additional $150 per month toward utility expenses, similar to a RUBS program. Applying this blueprint to other new tenants moving forward can dramatically improve the owner's income.
Property Details
Additional Information
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- City:
- Glendale
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- County:
- Los Angeles
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- Zip:
- 91204
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- MLS® #:
- 24413281
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- Bedrooms:
- 1
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- Bathrooms:
- 4
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- Square Ft:
- 11,120
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- Lot Size:
- 0.20
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- Levels:
- Two
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- HOA Dues:
- $
Price Change History for 125 Chestnut Street, Glendale, (MLS® #24413281)
| Date | Details | Price | Change |
|---|---|---|---|
| Price Reduced (from $3,250,000) | $3,150,000 | $100,000 (3.08%) |
Based on information from California Regional Multiple Listing Service, Inc. as of August 10th, 2024 at 4:25am PDT. 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 usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.