Description

650 W Wilson is an extremely rare 8-unit generational asset, first time on the market, ideally located in the heart of Glendale just steps from The Americana at Brand, offered at $2,299,000. Featuring two units delivered vacant in a separate rear structure and an ADU bid already in hand, this is one of the best positioned value-add opportunities in the entire submarket, delivering a stronger GRM and higher cap rate than nearly every competing Glendale listing. Located on a quiet, tree-lined street just 0.5 miles from The Americana at Brand, the property consists of six 2-bedroom units and two 1-bedroom units, both of which will be delivered vacant at closing, allowing a new owner to immediately capture rental upside. The asset is already performing at a 5.80% cap rate with a conservative 6.92% pro forma, both calculated using real operating expenses and including a 5% management fee. Adding to the opportunity, a contractor bid is already in hand to convert the two vacant rear units into a large 3 bed unit and construct an additional 3 bed unit ADU in the existing parking area, creating the potential for a 9th unit and additional rental income. With both rear units delivered vacant, a buyer can begin the conversion immediately after closing without the delays and costs associated with tenant relocation. The majority of units have already been upgraded with new or refinished countertops, cabinetry, and flooring, and electrical panel breakers have been replaced throughout, helping minimize future capital expenditures. Tenants enjoy a highly walkable location near The Americana, Glendale Galleria, Whole Foods, Trader Joe's, and Target, supporting strong and consistent rental demand. This is a true legacy Glendale asset combining irreplaceable location, in-place income, and immediate value-add potential at a basis that is becoming increasingly difficult to find.