Active

1815 E Chevy Chase DR

GLENDALE CA, 91206

$3,275,000


$395.63 per sqft

Active

2 Beds

1 Bath

8,278 sqft

Multi-family

Built in 1947

We are pleased to present for acquisition the Colonial Oak Apartments., situated in one of the most niche neighborhoods within the city of Glendale. In the super low turnover and historically vacancy-proof pocket, the opportunity offers a pride of ownership acquisition in one of the most landlord-friendly cities in California. Well maintained, the property has a pitched roof, upgraded electrical sub-panels, newer windows, professionally landscaped, ample on-site parking & laundry facility. All units are 2 bedrooms, averaging over 1,000 sf, sitting on an almost 15,000 sf corner lot. Although the offering is already priced well at 14.2 GRM (as of 5.1.25), there is considerable rental upside by way of loss to lease and or modernization of interiors, the GRM falls to 12. Furthermore, California recently passed SB 211, allowing for a maximum of (8) ADUs but not to exceed the total number of existing units. With the implementation of a couple of ADUs (buyer to verify), the building would pay for itself in 8 years! The Colonial Oak Apartments are just under 4 miles to the Chevy Chase Country Club (CCCC), a hidden gem in the Verdugo Mountains. Some of the long list of amenities are the 18 hole golf course & driving range, tennis courts, swimming pool, clubhouse, exquisite dining options, fitness center and entertainment venue. The local home value per homes.com is $1,632,000, enforcing considerable affordability gap to own a single-family home in this area, a major driver of rents as well. The Colonial Oak Apartments are the only multifamily investment opportunity available for acquisition in the area and in the zip code. Located in a very peaceful and residential area yet close to major retail, schools, shops and entertainment. The opportunity provides for consistent cashflow and forever built-in demand for occupancy.

SR24248381MR

MLS ID

December 11, 2024

Listed

December 12, 2024

Updated

Map

1815 E Chevy Chase DR
GLENDALE CA, 91206

Interior Features

Total Stories

2


Bedrooms

2


Total Bathrooms

1


Laundry Description

Laundry Area


Fireplace

No


Cooling

No


Heating

No

Exterior/Building Features

Lot Size

0.34 Acres


Sewer

Private Sewer

Other Property Details

Area Name

Glendale-Chevy Chase/E. Glen Oaks


Garage

Yes


Garage Spaces

8


Parking Total

8


View

No


County

Los Angeles


Water Source

Private


Pool

No


Pool Features

None


Zoning

GLR4*

Listed by Levon Alexanian with Keller Williams World Media Center
Listing Contact: 8182391206 

Based on information from The MLSTM / Combined LA/Westside Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. All properties are subject to prior sale, change or withdrawal, and may or may not be listed by the office/agent presenting the information. Neither listing broker(s) nor Alyssa Valentine + Anselm Clinard | CA DRE# 01517618 shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. 

©2024 Combined L.A./Westside MLS. All rights reserved.

Data last updated 12/12/2024

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