Glendale, CA 91205,1217 E Harvard Street
$5,875,000
$5,895,000
0.3%
Est.Price: ?

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1 BD
1 BA
0.54 Acres Lot

1217 E Harvard Street Glendale, CA 91205

Est. payment /mo
SOLD DATE : 02/03/2022

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Key Details

Sold Price $5,875,000

Property Type Multi-Family

Sub Type Res Income 2-4 Units

Listing Status Sold

Purchase Type For Sale

MLS Listing ID P1-4858

Bedrooms 1

Lot Size 0.542 Acres

Property Description

22 unit Spanish Colonial Revival Bungalow Court apartment on Harvard Street in Glendale, California. 22 1-bed/1-bath units, a central laundry room, 19 carports, 1 one-car garage, a large 300 sf storage room, and a smaller storage room. 20 of 22 units have been remodeled by its retired general contractor owner over the past 20 years. Rarely ever a vacancy or a late payer. 100% occupied. Tenants pay lower-than-market rents and have had no increases in a few years. Totaling 11,537 sf and situated on a 23,630 sqft flat lot. Separately metered electric and gas, copper plumbing, AC wall units, newer roofs. Easy to maintain....this property has been self managed for decades. Offering historic value as well as investment opportunity in one of LA's most attractive rental markets. Upsides include continued rent growth projections, eligible for significant Mills Act tax savings, raising rents, adding a yearly escalation clauses, interest on security deposits, charging for parking (half the tenants don't own a car), renting out 3 storage units, and converting carports into ADU's. Glendale is an entertainment and shopping destination in Los Angeles, synonymous with high-end retail and comfortable living. Americana at Brand is less than 1 mile away. Located in the southern portion of Glendale, closest to commerce, and in close proximity to schools and transportation (a few blocks from the 134 and 2 fwy's). Zoning R2250 - Medium Density Residential.
22 unit Spanish Colonial Revival Bungalow Court apartment on Harvard Street in Glendale, California. 22 1-bed/1-bath units, a central laundry room, 19 carports, 1 one-car garage, a large 300 sf storage room, and a smaller storage room. 20 of 22 units have been remodeled by its retired general contractor owner over the past 20 years. Rarely ever a vacancy or a late payer. 100% occupied. Tenants pay lower-than-market rents and have had no increases in a few years. Totaling 11,537 sf and situated on a 23,630 sqft flat lot. Separately metered electric and gas, copper plumbing, AC wall units, newer roofs. Easy to maintain....this property has been self managed for decades. Offering historic value as well as investment opportunity in one of LA's most attractive rental markets. Upsides include continued rent growth projections, eligible for significant Mills Act tax savings, raising rents, adding a yearly escalation clauses, interest on security deposits, charging for parking (half the tenants don't own a car), renting out 3 storage units, and converting carports into ADU's. Glendale is an entertainment and shopping destination in Los Angeles, synonymous with high-end retail and comfortable living. Americana at Brand is less than 1 mile away. Located in the southern portion of Glendale, closest to commerce, and in close proximity to schools and transportation (a few blocks from the 134 and 2 fwy's). Zoning R2250 - Medium Density Residential.

Location

State CA

County Los Angeles

Area Glendale (91205)

Zoning Assessor

Interior

Cooling Wall/Window

Exterior

Exterior Feature Stucco

Parking Features Unit1:Assigned

Roof Type Tile/Clay

Building

Lot Description Curbs, Sidewalks

Story 2

Others

Acceptable Financing Cash, Conventional

Space Rent $32,300

Listing Terms Cash, Conventional

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San Diego Regional MLS (SDMLS)
Listed by Michael Bell • Sotheby's International Realty, Inc.
Bought with George Yessaie • JohnHart Real Estate

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Dave Dennis

Agent | License ID: 01343870

+1(619) 987-9484

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