±5.20% ACTUAL CAP Rate in North Glendale, Excellent Location+Unit Mix+Upgraded Units

Highlights:

• • ±5.20% ACTUAL CAP Rate in north Glendale, within walking distance to Burbank Downtown
• • One of the highest CAP Rate apartments offering in north Glendale
• • Highest allowable rent increase (Under Glendale rent ordinance and AB1482- maximum 10%)
• • Excellent demographics with ±$106,786 average household income (1 mile radius)
• • WALKSCORE 86 (very walkable)
• • Luxury Pride-of-ownership turnkey property in an excellent location with great curb appeal
• • Excellent unit mix with excellent distributions of large 2bed and 1bed units
• • Units are large with excellent layout (2 units has private balcony)

Description:

±5.20% ACTUAL CAP RATE - Cash-flowing day 1 without needing to upgrade any unit! Year 2 CAP Rate is 6.01% with an annual rent increase. Growth Investment Group California is proud to exclusively present The 1063, a HIGH CAP Rate turnkey luxury 12-unit apartment community located in the highly desirable city of Glendale, bordered by the City of Burbank. The property offers superb location (Walkscore 86) with access to many amenities, within walking distance to IKEA Burbank, Burbank Downtown, many shopping centers, close to schools, parks, local and national retailers, dining and upscale shopping, entertainment, and easy access to freeways (5 FWY and 134 FWY). The offering is unique due to its prime location, High CAP Rate, and turnkey conditions. New owner can enjoy high quality location, asset, and good cash flow immediately without the hardships of relocating tenants and managing construction crews.

1063 Justin is a beautifully upgraded and maintained garden style apartment community built in 1963. It is a two-story walkup apartment consisting of 12 units. It offers a beautifully landscaped (drought tolerant) center courtyard common area. It offers a superb unit mix of four (4) LARGE 2 bed + 1 bath units, six (6) spacious 1 bed + 1 bath units, and two (2) Studio units. Each unit one has been fully upgraded with full electrical and plumbing upgrades (plumbing upgrade in unit), new high durability wood vinyl and tile flooring in bathroom, new windows throughout, in-unit combo washer/dryer, state of the art mini-split HVAC systems, new kitchen with quartz kitchen countertop and new kitchen cabinets and stainless-steel kitchen appliances (gas range, dishwasher, and refrigerator), and new bathrooms with new vanities, toilets, bathtubs, and name brand fixtures.

The exterior upgrades include a new façade, new exterior paint and signage, new entry gate, completely redone landscaping, updated electrical, and much more! Each unit is large with an excellent layout. One of the 2bedroom unit has a private balcony. The property is separately metered for electricity and gas. The property offers a single level gated parking area with 11 parking spaces. It is serviced by a master water heater and has additional shared laundry room.

Given its excellent real estate fundamentals, complete renovation, and an irreplaceable location, the 1063 Justin Ave is an unparalleled investment for an investor seeking stable risk-adjusted returns, wealth preservation, and a hedge against inflation. A new owner will be able to increase rents with minimal capital injection upon vacancy, and further push rents with complete unit renovations. The property is subject to AB 1482 and the Glendale Rent Ordinance.

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