1063 Justin Ave, Glendale, CA 91201
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1063 Justin Ave Glendale, CA 91201

$3,265,000 Sold Price as of 06/30/2021
  • 14 Beds
  • 12 Baths
  • 9,196 Sq.Ft.
Sold
$3,265,000 Sold Price as of 06/30/2021 Refinance Your Mortgage

Map preview of 1063 Justin Ave, Glendale, CA 91201

Property Overview: 1063 Justin Ave Glendale, CA has 14 bedrooms, 12 bathrooms, 9,196 living square feet and 7,324 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: First time on market since 1960s. True value add opportunity in the incredible city of Glendale. 12 units consisting of 2 x studios, 6 x 1b/1b, and 4 x 2b/1b apartments. Recent capital expenditures including new central water heater, new windows throughout, new sewer line, and roof repairs. Come see the opportunity. Property subject to Glendale Rental Ordinance 5922 and California Tenant Protection Act AB 1482. There are no COVID delinquencies. Seller has reduced rent on two units to accommodate tenants' situation. Please do not disturb tenants or walk on property. Contact listing agents for more information.

Listed by CHRISTOPHER JOHNSON | BRE #01934154 | LEE & ASSOC COMM R E SERV/PAS
Last checked: 6 seconds ago | Last updated: March 7th, 2024 | Source CRMLS | DOM: 44

Home details

Lot Sq. Ft
7,324
HOA Dues
$0/mo
Year built
1963
Garage
--
Property Type:
Multi Family
Status
Sold
MLS#
WS21051557
City
Glendale
County
Los Angeles
Time on Site
1112 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 12
  • Total # of Buildings: 1
  • # of Leased Units: 11
  • # of Electric Meters: 12
  • # of Gas Meters: 12
  • # of Water Meters: 0
Unit Breakdown 1
  • # of Units: 2
  • # of Beds: 0
  • # of Baths: 1
  • Garage Spaces: 1
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,225
  • Total Rent: $613
  • Pro Forma/Market Rent: $2,900
Unit Breakdown 2
  • # of Units: 6
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 2
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $4,750
  • Total Rent: $950
  • Pro Forma/Market Rent: $10,170
Unit Breakdown 3
  • # of Units: 4
  • # of Beds: 2
  • # of Baths: 1
  • Garage Spaces: 4
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $4,750
  • Total Rent: $1,188
  • Pro Forma/Market Rent: $7,800
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 4.41%
  • Gross Rent Multiplier: 14.75
  • Gross Scheduled Income: $251,540
  • Net Operating Income: $162,969
  • Gross Operating Income: $241,522
  • Laundry Own/Lease: Lease
Annual Expense Breakdown
  • Total Operating Expense: $78,553
  • New Taxes: $41,016
  • Trash: $900
  • Insurance: $4,000
  • Professional Management: $0
  • Water/Sewer: $5,000

Property Details for 1063 Justin Ave

Interior Features
Laundry Information
  • Has Laundry
  • Common Area
Exterior Features
Exterior Features
  • No Pool
  • Pool Features: None
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Parking Spaces: 11
Lot Information
  • Lot Features: Level with Street
  • Lot Size Source: Assessor
  • Common Interest: None
Property Information
  • Common Walls: 2+ Common Walls
  • Total # of Units: 12
  • Parcel Number: 5623026040
  • Year Built Source: Public Records
  • Property is Attached
Homeowners Association, Utilities, Taxes / Assessments
Utilities Information
  • Sewer: Public Sewer
  • Water Source: Public
Assessment Information
  • Has Assessments
  • Assessments: Unknown
Location / Neighborhood
Location Information
  • Directions: Glenoaks to Justin
Neighborhood Information
  • Community Features: Suburban
View more facts & features

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Sale History for 1063 Justin Ave

Last sold for $3,265,000 on June 30th, 2021
  • March, 2024

  • Mar 7, 2024

    Date

    Canceled

    CRMLS: AR23186957

    $5,600,000

    Price

  • Oct 6, 2023

    Date

    Active

    CRMLS: AR23186957

    $5,600,000

    Price

  • Listing provided courtesy of CRMLS

    A turnkey luxury 12-unit apartment community located in the highly desirable city of Glendale, bordered by the City of Burbank. The property offers close to 5% CAP Rate in north Glendale and 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 owners 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 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.

  • October, 2023

  • Oct 1, 2023

    Date

    Expired

    CRMLS: AR23035496

    $5,600,000

    Price

  • Mar 2, 2023

    Date

    Active

    CRMLS: AR23035496

    $5,950,000

    Price

  • Listing provided courtesy of CRMLS

    1063 Justin Ave, a turnkey luxury 12-unit apartment community located in the highly desirable city of Glendale, bordered by the City of Burbank. The property offers one of the HIGHEST CAP Rate in north Glendale and 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 ownership spent significant amount of time (±20 months) and capital in relocating the previous tenants and completely upgraded the exterior and interior of the property, making this a turnkey investment for new owner. 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 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.

  • July, 2021

  • Jul 1, 2021

    Date

    Sold

    CRMLS: WS21051557

    $3,265,000

    Price

  • Apr 27, 2021

    Date

    Active Under Contract

    CRMLS: WS21051557

    $3,695,000

    Price

  • Mar 12, 2021

    Date

    Active

    CRMLS: WS21051557

    $3,695,000

    Price

  • March, 2021

  • Mar 12, 2021

    Date

    Canceled

    CRMLS: 21700056

    $3,695,000

    Price

  • Mar 11, 2021

    Date

    Hold

    CRMLS: 21700056

    $3,695,000

    Price

  • Mar 9, 2021

    Date

    Active

    CRMLS: 21700056

    $3,695,000

    Price

  • Listing provided courtesy of CRMLS

    First time on market since 1960s. True value add opportunity in the incredible city of Glendale. 12 units consisting of 2 x studios, 6 x 1b/1b, and 4 x 2b/1b apartments. Recent capital expenditures including new central water heater, new windows throughout, new sewer line, and roof repairs. Come see the opportunity. Property subject to Glendale Rental Ordinance 5922 and California Tenant Protection Act AB 1482. Please do not disturb tenants or walk on property. Contact listing agents for more information.

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Tax History for 1063 Justin Ave

Assessed Value (2020): $278,822
Year Land Value Improved Value Assessed Value
2020 $65,654 $213,168 $278,822

Home Value Compared to the Market

This property vs the competition

1063 Justin Ave sold on June 30, 2021 for 235.91% higher than the current median sold price for the city of Glendale which is $1,100,000. The median sold price per/sqft for Glendale is $732 and this home is sold at $401.81 per/sqft which puts the price per square foot 45.11% lower than the current median sale per square foot for the city of Glendale.

About 1063 Justin Ave

Detailed summary of property

1063 Justin Ave is a multi family that recently sold in Glendale, CA 91201. This multi family property offered 14 bedrooms, 12 bathrooms, roughly 9,196 living square feet, and sits on an approximately 7,324 square foot lot. 1063 Justin Ave was first listed on ArdentRealEstateGroup.com on March 12, 2021. The homeowner sold the property for $3,265,000. Home in Glendale are selling for a median price of $1,100,000 and a median price per square foot of $732. Based on Ardent Real Estate Group's Glendale Market Data, this home is sold 235.91% higher than the current median priced home. Local homes that are currently for sale include 4212 Lockwood Ave, 1974 Hillcrest Rd and 933 N Mariposa Ave. While the average home in Glendale, CA is selling in 75 days, 1063 Justin Ave has a days on market of 44 days. There are currently 162 homes for sale in the Glendale real estate market and 101 of them are single family homes while 48 of them are condos and 13 are townhomes. For more information on this home for sale at 1063 Justin Ave Glendale, CA 91201 contact Ardent Real Estate Group and we will put you in touch with one of our Glendale agents.

Public Facts for 1063 Justin Ave

Public county record property details
Beds
16
Baths
12
Year built
1963
Sq. Ft.
9,196
Lot Size
7,324
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
68,69
APN
5623-026-040

The source for these homes facts are from public records.

91201 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$999,000
Median List Price/Sq.Ft.
$565
Median Sold Price
$1,450,000
Median Sold Price/Sq.Ft.
$832
Total Inventory
7
Median Sale to List Price %
105.45%
Avg Days on Market
24
Loan Type
Conventional (100%), FHA (0%), VA (0%), Cash (0%), Other (0%)

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Based on information from California Regional Multiple Listing Service, Inc. as of 2019. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.