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$2,450,000
Est. payment /mo
UPDATED:
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 4,160 sqft
Price per Sqft $588
MLS Listing ID 25513763
Bedrooms 7
HOA Y/N No
Year Built 1958
Lot Size 6,969 Sqft
Property Description
We are 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.
Location
State CA
County Los Angeles
Area 628 - Glendale-South Of 134 Fwy
Zoning GLR4YY
Interior
Heating Central, Wall Furnace
Cooling Central Air
Fireplace No
Appliance Disposal
Exterior
Parking Features Uncovered
Total Parking Spaces 4
Building
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 5675004020
Special Listing Condition Standard
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Listed by Sevak Keshishian • Marcus & Millichap