323 E Chestnut St, Glendale, CA 91205

Property Description

323 E Chestnut Street, a well-maintained, 22-unit multifamily community located in one of Glendale's most desirable and highly walkable neighborhoods. Built in 1962, the property contains approximately 13,925 square feet of building area and features an attractive unit mix consisting of one studio, 19 one-bedroom/one-bathroom units and two two-bedroom/two-bathroom units. Ownership has completed substantial interior renovations, with 21 of the property's 22 units upgraded, providing an investor with the opportunity to acquire a largely renovated asset with limited near-term interior capital requirements along with approximately 10% upside in rents. The property is centered around a spacious courtyard and swimming pool, creating an appealing residential environment that distinguishes it from many competing apartment buildings. Additional amenities include on-site laundry facilities, resident storage and 16 on-site parking spaces. 323 E Chestnut Street also benefits from an exceptional Downtown Glendale location within walking distance of The Americana at Brand, the Glendale Galleria and a wide variety of restaurants, cafs, entertainment venues and everyday services. With a Walk Score of 96, designated a "Walker's Paradise," residents can complete most daily errands on foot, providing the property with a meaningful competitive advantage and supporting its long-term rental appeal. 323 E Chestnut Street presents investors with the opportunity to acquire a substantially renovated Glendale apartment community offering a favorable unit mix, attractive resident amenities, exceptional walkability, all in a highly sought after downtown Glendale location.