Utilities: Cable Available,Electricity Connected,Natural Gas Connected,Phone Available,Sewer Connected,Water Connected
Address: 1060 Elm
County: Los Angeles
Neighborhood: 626 - Glendale-northwest
Pool Features: None
1060 Elm Avenue, a value-add 21-unit apartment located in the highly desirable city of Glendale, bordered by the City of Burbank. The property offers superb location 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 property has been in the same ownership since 2003 and most of the tenants are long-time tenants that are on month-to-month lease. This provides significant upside potential to add value by increasing rent and return.
The property is a two-story garden style apartment community with gated, subterranean parking and secured entrance. It has an excellent curb appeal with nicely maintained center courtyard. It is situated on a residential street surrounded by other a single-family and condominium communities (across the street from a newly built modern, high-end condominiums). Built in 1977, it offers a superb unit mix of (1) 3 bed + 2 bath unit, (4) 2 bed + 2 bath units, (15) 1 bed + 1 bath units, and (1) Studio unit (non-conforming) with a total of 31 gated parking spaces on a lot size of ±15,532 SF with a total building size of ±15, 110 SF.
The property has been well maintained throughout current ownership with recently incorporated cost-efficient features such as, electricity generating solar system (zero electric bill – owner gets credit from electric provider), “electric eye”, 600-gallon solar water central heating system (a $30,000 upgrade), newer polyurethane roof, dual-pane windows, many new air conditioning units, on-site laundry (machines owned), and 1.5 GPF plumbing. Each unit has a spacious layout, updated appliances with stainless steel sinks, tile and laminate wood flooring, and refreshed vanities, countertops and cabinetry.
The Elm Apartments’ strong unit mix and excellent location is perfect for an investor seeking growth, stability, and a hedge against inflation. This property has been under the same ownership since 2003. A new owner will be able to increase rents with minimal capital injection upon vacancy, and further push rents with complete unit renovations. The property is subject to AB 1482 (annual rent increase is 5%+CPI) and the Glendale Rent Ordinance.