Executive Summary

The Neema Group of Marcus & Millichap is pleased to present a seven-unit multifamily investment opportunity in Glendale a 559 Glenwood Rd, located on the corner of Clement Dr & Glenwood Rd just west of N Pacific Ave and steps to Herbert Hoover Middle School and Eleanor J Toll Middle School

The subject property features an impressive unit mix of one single and six two-bedrooms with six garages for parking; the building is 100% occupied and recent rent increases were served and effective on May 1st

Located in an affluent neighborhood of Glendale with single-family residences to the north of the property on Clement Dr; the average household income within a two-miles radius is $94,893

There is a significant affordability gap between renters and homeowners in the area; the median home value in a five-mile radius of the property is $897,788

The property is well-kept but presents a significant value-add opportunity for investors; units are in good condition with hardwood flooring, recessed lighting, and spacious layouts, but the majority of units are rented below market with upside of over 45% achievable as units turn and interior upgrades are made

At the asking price, the property is being offered at $342,857 per unit and $361 PSF

The subject property is located less than two miles from Downtown Glendale and the Glendale Galleria; easy access to W Glenoaks Blvd and the 134 Freeway allows for an easy commute for residents to employment in Burbank, Pasadena, and throughout both the San Fernando and San Gabriel Valley

Opportunity to acquire a well-maintained asset in a highly desirable residential rental submarket of Glendale located in a premiere corridor with limited inventory ever coming available