Excellent opportunity to purchase an eight (8) unit apartment building with a significant upside in rental income. 311 E. Maple Street is an 8-unit multifamily property in the desirable southeast area of Glendale, CA. This property provides a tremendous opportunity for an investor to acquire pride in ownership of an asset that has been professionally managed and cared for. As its first time in the market after 39 years of ownership, this is truly an irreplaceable asset to own.
The property is a two-story building that was constructed in 1974 and consists of two large 2bed and 1.3/4bath units and six 1bed and 1bath units. The unit sizes are approximately 950 square feet for the 2bedrooms and 850 square feet for the 1bedroom units (Buyer to verify). It also includes thirteen (13) parking spaces that include a combination of a private two (2) car garage, which is being used by the owner as storage at this time, eleven (11) surface carport parking spaces, which are used by the tenants, a large on-site laundry room, and very minimal landscaping. Most tenants are on a month-to-month basis, and units are separately metered for gas and electricity. The property is within a short distance to multiple bus stops located on Glendale Avenue and Brand Boulevard, in addition to nearby retail shops and businesses. It provides tenants with ease of access to larger retail centers located at the Glendale Galleria, the Americana of Glendale, and Atwater Village. Tenants also have easy access and proximity to the 134 and 5 Freeways.
Buyers might explore the opportunity to convert the two-car private garage into an ADU, upon verification with the City for associated requirements. Opportunity for the implementation of interior renovations is available upon any vacancy that can dramatically boost future rental revenue and income streams, raising the overall value of the investment.
The roof was replaced/refinished in 2018 with TPO compound material and has a 20-year warranty. All exterior paint has also been newly completed.