421 Riverdale Dr, Glendale, CA 91204

Property Description

We are proud to represent this 16-unit apartment building in Glendale. 
 The building was constructed in 1926, and it consists of (16) one-bedroom, one-bathroom units. Its lot size is 24,996 square feet, with a total of 7,570 rentable square feet. 
 The units are completely furnished (with the exception of the manager's unit) and are rented to a combination of executive housing, and long term housing. 13 of the 16 utilities are paid for by the seller, but the property is separately metered for gas and electricity in case the new owner wants to transition back to traditional rentals. There is additional income from garage rentals and it can be increased as the owner is using multiple garages. The property has a historically high occupancy rate and a new owner can take over and achieve an above market return for the city of Glendale. The building can be financed with Chase Bank with 50% down or First Republic with 40% down. 
 The property is centrally located in Glendale, which is a highly desirable rental market. As a major production center for the entertainment and animation industry, the city offers many amenities and attractions. Its residents enjoy excellent shopping and dining at the Americana at Brand, which features 75 shops and restaurants, as well an 18-plex theater. The city’s numerous high-rated restaurants and attractions earned its title as Los Angeles neighborhood of the year in Curbed magazine.