Description

We are pleased to present 1530 E. Broadway, a 16-unit apartment building located in the Citrus Grove neighborhood of Glendale. Built in 1960, this well maintained asset is comprised of balanced unit mix that includes (4) 1bed/1bath, (4) 2bed/1bath, (4) 2bed/2bath, and (4) 3bed/2bath units. Many of the units have received upgrades over the years that include laminate flooring, stone countertops, renovated kitchen cabinetry, bathroom upgrades and new windows. The property has gated access, on-site laundry, and 10 parking spaces. The roof was replaced in 2015 and receives annual maintenance to preserve its integrity. Tenancy at the property has been very stable over the years and current rents are about 32% below market rates. A new investor will have the ability to achieve market rents through annual rental increases (5%+ CPI) and implementing unit renovations when vacancies arise. Located just east of Verdugo Road, 1530 E. Broadway is within walking distance to Glendale High School. Tenants of the property are within a short driving distance to the shops and restaurants at Glendale Galleria, & Americana on Brand. It's proximity to the 2 and 134 freeways allows for ease of access to multiple health care centers in the city along with neighboring cities such as Eagle Rock, Pasadena, Atwater Village, Burbank, Downtown Los Angeles, and many other.