1157 Justin Avenue

Glendale, CA 91201

$3,400,000
Price
14
Beds
11
Baths
7,089 Sq. Ft.
$480 / Sq. Ft.
7,089
Sq. Ft.
$480
per Sq. Ft.

Description

With a unit mix featuring mostly large two-bedroom apartments, the property offers an investor stable cash flow with the opportunity to increase income further by capitalizing on rent upside. Because the building is not subject to Los Angeles Rent Control, a new owner can improve rental income more rapidly via AB 1482. In addition to installing brand new electric subpanels in all units, the current owner has upgraded the vast majority of units to include new granite countertops, new wood laminate...With a unit mix featuring mostly large two-bedroom apartments, the property offers an investor stable cash flow with the opportunity to increase income further by capitalizing on rent upside. Because the building is not subject to Los Angeles Rent Control, a new owner can improve rental income more rapidly via AB 1482. In addition to installing brand new electric subpanels in all units, the current owner has upgraded the vast majority of units to include new granite countertops, new wood laminate flooring, new dual pane windows, and new AC units. Plumbing throughout the building is mostly copper pipes, while the building features a new water heater and new roof insulation as well. An additional income stream is generated via the on-site laundry facilities, which are owned by the landlord. This location features strong tenant demographics, with several major employers nearby in both Glendale and Burbank. Walt Disney Studios, Warner Brothers Studios, Walt Disney Imagineering, and Dreamworks Animation are all within a short distance. The Los Angeles Zoo, Griffith Park, Universal Studios, and the Los Angeles Equestrian Center are all situated near the property as well. The high-end Americana at Brand and the remodeled Glendale Galleria are both a short drive from the property, as are the Burbank Town Center and Burbank Empire Shopping Center. The largest IKEA store in North America sits within blocks of the property, as do Trader Joe's, Ralphs, CVS, The Home Depot, and Smart & Final.
  1. Listed by Roderick 'Rick' Raymundo • DRE #01357019 • Brokerage DRE #01238010 • Marcus & Millichap

Property Details for 1157 Justin Avenue

Zoning
GLR4YY
Parcel Number
5623012005
Total Units
8.0
Living Area
7089
Source Living Area
Vendor Enhanced
Area
Glendale-Northwest (626)
Vacancy Rate
0
Lot Size Area
7980
LISTING UPDATED: 11/12/2024 12:01 AM

Property Details for 1157 Justin Avenue

StatusActive
MLS #24-460071
Days on Market13
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1963
Lot Size0.18 AC / 7,980 SF
CountyLos Angeles County

Building Information for 1157 Justin Avenue

Stories2Residences-Year Built1963Building Size-Lot Size0.18 AC / 7,980 SF

Property Information for 1157 Justin Avenue

Community / Development
Community / Development
  • Number Of Units: 8
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 2
  • Number Of Buildings: 1
  • Type Of Units: Residential
Contract Info
Contract Info
  • Disclosures: As Is
  • Listing Type: Exclusive Right To Sell
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $220,632
  • Net Operating Income: $151,629.00
  • Gross Income: $225,600
  • Gross Rent Multiplier: $14.95
  • Total Annual Expense: 69003
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.1833
  • Lot Size Square Feet: 7980
  • Lot Size Dimensions: 48x169
  • Source Lot Size Dimensions: Vendor Enhanced
Parking Details
Parking Details
  • Parking Garage: Assigned, Carport
  • Total Parking: 0
  • Parking Features: Assigned, Carport
Interior Features
Interior Features
  • Levels: Two
  • Cooling Type: Other
  • Heating Type: Other
  • Equipment: None
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: Other
Lease Terms
Lease Terms
  • Entry Date: 11-04-2024
Unit Details
Unit 1 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $2,000.00
  • Unit Actual Rent: $4,000.00
  • Unit Projected Rent: $4,390.00
  • Like Units: 2
Unit 2 Information
  • Unit Beds: 2
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $2,266.00
  • Unit Actual Rent: $6,800.00
  • Unit Projected Rent: $7,785.00
  • Like Units: 3
Unit 3 Information
  • Unit Beds: 2
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $2,666.00
  • Unit Actual Rent: $8,000.00
  • Unit Projected Rent: $8,885.00
  • Like Units: 3
Unit Details
  • Unit Type Type: 2106, 2107, 2108
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $1,706,086.00
  • Assessed Improvement Percent: 60.0
  • Assessed Land Value: $1,137,390.00
  • Assessed Land Percent: 40
  • Assessed Total Value: $2,843,476.00

Property History for 1157 Justin Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 1157 Justin Avenue

Taxable ValueLand$1,160,137Additions$1,744,207Total$2,904,344
Tax Record2024$32,636 ($2,720 / month)
Home Facts
Total Finished SqFt7,089 SqFtAbove Grade Finished SqFt7,089 SqFtLot Size7,981 SqFtStyleMulti-Family Res (5+ Units)Year Built1963ZoningGLR4YYCountyLOS ANGELESAPN5623-012-005

Schools near 1157 Justin Avenue

This home is within Glendale Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 6
Public - 6 to 8
Public - 9 to 12
Public - K to 6
Rating
School
Distance
Thomas Jefferson Elementary School
PublicK to 6

Eleanor J. Toll Middle School
Public6 to 8

Herbert Hoover High School
Public9 to 12

Benjamin Franklin Elementary School
PublicK to 6

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

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1157 Justin Avenue is a multi-family home for sale in Glendale, CA 91201. This property was listed for sale on November 4, 2024 by Marcus & Millichap, it's currently listed at $3,400,000. It has been on the market for a total of 13 days and was last sold on January 26, 2018. This listing's school district is Glendale Unified School District. Nearby schools include Thomas Jefferson Elementary School, Eleanor J. Toll Middle School and Herbert Hoover High School. 1157 Justin Avenue is a 14-bed, 11-bath, 7,089 sqft multi-family home built in 1963.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Marcus & Millichap, Roderick 'Rick' Raymundo, DRE #01357019

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.