1063 Justin Avenue, Glendale, CA 91201

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Property Description

5.11% Turnkey - Cash-flowing day 1 without needing to upgrade any unit! Year 2 CAP Rate is 5.87% 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 (Walk score 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.


Interior Features

Laundry Information
Location(s) Washer Hookup, Gas Dryer Hookup
Bedroom Information
Bedrooms N/A
Bathroom Information
Bathrooms N/A
Flooring Information
Material Laminate, Vinyl, Wood
Interior Information
Cooling Type ENERGY STAR Qualified Equipment, Wall/Window Unit(s)

Listing Information

Address 1063 Justin Avenue
City Glendale
State CA
Zip 91201
County Los Angeles
Listing Agent Han Chen DRE #01749321
Courtesy Of Growth Investment Group Pasade
List Price $5,720,000
Status Hidden
Type Residential Income
Subtype Apartment
Structure Size N/A
Lot Size 7,327
Year Built 1963

Listing information courtesy of: Han Chen, Growth Investment Group Pasade. *Based on information from the Association of REALTORS/Multiple Listing as of Aug 13th, 2024 at 7:40 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. 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.