|Price/Rent PSF||$ 2,200,000.00|
Downtown Glendale is home to a variety of unique specialty stores, fine dining, movie theaters, night clubs, and three live
performance theaters: the Alex Theatre, Glendale Center Theatre, and Anteaus Theatre. You will also find the nationally known Glendale Galleria and Americana at Brand.
We are pleased to present 2 adjacent lots in the City of Glendale, which include a 3-Unit Property and an adjacent Single Family Residence just south of Glenoaks Boulevard on Western Avenue. The Triplex is located at 1046 Western Avenue, and has 2 units towards the rear, which are fully occupied and a separate house in the front which is currently inhabitable and in need of major repair or teardown.
The adjacent parcel, located at 1050 Western Avenue, includes a 2-bedroom 1-bathroom Single Family Residence, which is currently occupied by a long-term tenant on a month to month lease. According to public data, the parcels total 15,185 square feet, with dimensions of 97’ wide by 159.37’ deep. Important to note, the dimensions calculate to a larger lot size than what is reported by the tax assessor, but for the purposes of this offering we are assuming the assessor’s lot size total of 15,185 square feet.
The zoning of the property is R2250, which is a Glendale Medium Density Zoning. According to Glendale municipal code, lots which have a width of 90 feet or greater can calculate 1 dwelling unit for each 1,800 square feet of land. Based on our translation, a developer can build a total of 8 dwelling units on these two lots. All Buyers are encouraged to conduct their own investigation and should not rely solely on this data for investment or future development purposes.
The property is currently generating income of $4,100 per month. A developer can purchase this property and have income to support holding costs while going through the entitlement process. That in conjunction with the superior location of this asset, makes this offering truly a compelling property in today’s competitive development opportunities market.