The Neema Group of Marcus & Millichap is pleased to present 3720 San Fernando Rd, in Glendale California. Built in 1922, the subject property is a mixed-use building currently zoned GLM1. This is a rare opportunity for an owner user / investor to acquire an income producing property while operating the ground floor space as retail, office, or restaurant.
3720 San Fernando Rd totals 6,736 SF featuring a unit mix that includes ground floor retail/office and 5 apartments + 1 office space located on the 2nd floor. As an investment, the building has significant cash flow potential when the ground floor space is leased at market rent with a projected CAP rate of 4.93%-5.24% when stabilized. This is a prime opportunity for an investor to acquire a well-maintained asset within one of Los Angeles’ strongest submarkets.
The building boasts new electrical throughout the ground floor, high ceilings (1st floor), alley parking and access with 9 dedicated parking spaces, security cameras and two storage units in the back. Investors can take advantage of additional rental upside when the apartment units turnover and are rented at market rates.
Located in central Glendale on San Fernando Rd, just north of Glendale Blvd. The subject property is close to entertainment, dining, transit, and amenities. The Americana at Brand with world-class shopping is a short 5-minute drive to the north. Griffith Park is one of the nation’s largest urban parks and is home to the Griffith Observatory, LA Zoo and much more is only 5 minutes away. This location boasts a high walk score of 82, a “very walkable neighborhood”.
Glendale understands the importance of creating and maintaining a healthy business community. They also know that this is the backbone of a high-quality life for its citizens. For this reason, the city is committed towards the assistance and promotion towards the success of the businesses. The city has therefore developed a plan that seeks to promote, assist, retain, and attract high-quality business investments. These programs intend to support both small and large firms. In line with this, they offer competitive prices of doing business such as the elimination of business license fee, which makes it a preferred hub to do business. Further, they provide assistance through the Economic Development office who visits businesses and offers support in any obstacles they might be facing. Apart from that, they have several support centers where people aspiring to start a business can go and seek help.
The California law demands that each city must have a comprehensive General Plan to address community policies and development objectives. In response to this, the city has an established several policies to protect the local community needs. They have come up with various strategic plans in a bid to improve the quality and livability of the people of Glendale. The urban Art program promotes a diverse and exciting cultural environment, which enriches the life of the residents and visitors. Other than development, the city is committed to the environment, and they have set several policies for a greener Glendale.