Utilities: Cable Available,Electricity Connected,Natural Gas Connected,Phone Available,Sewer Connected,Water Connected
Address: 1060 Raymond
County: Los Angeles
Neighborhood: 626 - Glendale-northwest
Pool Features: None
1060 Raymond Avenue, a 20-unit apartment located in the highly desirable city of Glendale, bordered by the City of Burbank. The property offers superb location 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). This is the first time it has been offered for sale by the current owner that built it, and most of the tenants are long-time tenants that are on month-to-month lease. This provides significant upside potential to add value by increasing rent and return.
1060 Raymond is a beautifully maintained garden style apartment community built in 1987. Due to its newer construction, it offers many desirable amenities such as gated, subterranean parking, secured entrance, central A/C and heating in each unit, copper piping, and much more. It is situated on a quiet residential street surrounded by other a single-family and condominium communities. It offers a superb unit mix of (1) 3 bed + 2 bath unit, (11) 2 bed + 2 bath units, (7) 1 bed + 1 bath units, and (1) Studio unit with a total of 24 gated parking spaces on a large lot size of ±14,837 SF with a total building size of ±16,169 SF.
The property has an excellent curb appeal and has been well maintained throughout current ownership with no known deferred maintenance with recently incorporated cost-efficient features such as, electricity generating solar system (zero electric bill – seller receive credit from electric provider), “electric eye”, 600-gallon solar water central heating system (±$30,000 upgrade – buyer to verify), newer polyurethane roof, dual-pane windows, new air conditioning units, on-site laundry (machines owned), central A/C and heating, and central hot water system with solar panels.
Each unit offers a generous layout, recessed lighting, central A/C and heating, updated appliances with granite kitchen counter tops, shaker style cabinets, and stainless-steel kitchen appliances, tile and laminate wood flooring, and refreshed bathroom vanities. Most units have private patio or balcony. The property offers a single level gated subterranean parking garage. It has 32 parking spaces.
The strong unit mix and excellent location is perfect for an investor seeking growth, stability, and a hedge against inflation.