Homes for sale - 1815 E Chevy Chase DR, Glendale, CA 91206

Key Details

Property Type Condo

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

MLS Listing ID SR24248381

Year Built 1947

Lot Size 0.341 Acres

Property Description

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.

Location

State CA

County Los Angeles

Area 624 - Glendale-Chevy Chase/E. Glenoaks

Zoning GLR4*

Interior

Laundry Common Area

Exterior

Garage Spaces 8.0

Garage Description 8.0

Pool None

Community Features Curbs,Foothills,Golf,Gutter(s),Hiking,Park,Street Lights,Sidewalks

Building

Lot Description 6-10 Units/Acre

Story 2

Sewer Private Sewer

Water Private

New Construction No

Others

Acceptable Financing Cash,Cash to New Loan

Listing Terms Cash,Cash to New Loan

Special Listing Condition Standard