Stats

• Sold Price $11,550,000
• Price per Unit $437,037
• Price per Sqft $485
• Cap Rate 3.73%
• GRM 16.09
• Number of Buildings 1
• Number of Units 27
• Gross Building Area 24,318 sqft
• Lot Size 11,606 sqft
• Floors 4
• Year Built 1986
• Parking 43 spaces
• Zoning LAR3-1

About the Property

SOLD!

The Kanner Group was pleased to present The Glendon Apartments, a well-maintained 4-story, 27-unit value-add multi-family investment opportunity with a 46.51%+ income upside potential, located in the highly desirable Palms/Culver City-adjacent submarket of Los Angeles, just west of Overland Ave and north of Venice Blvd.

Built in 1986, the trophy West LA building is not subject to city of LA rent control but is subject to statewide rent control (AB 1482)—allowing an investor to increase rents annually by a factor of 5%+CPI with a maximum of 10%, which is the current allowable annual increase amount. The well-built, tastefully designed asset is comprised of a great unit mix of 3 (2+2), 6 (1+1+loft), 15 (1+1), 1 single + loft, and 2 single units that average approximately 900+ gross square feet. The 24,318 square foot structure is situated on an 11,606 square foot, LAR3-1 zoned lot. There are 43 assigned, gated garage parking spaces on two floors—the upper-level parking has 18 spaces, 1 of which is handicap, and the lower level has 25 spaces (6 stalls/12 spaces of which are tandem).

All the building’s units have private balconies, and 21/27 units have two private balconies (off the bedroom & living room). The building offers tenants spacious units with high ceilings and large closets, select units feature quartz/granite countertops, and first-floor units feature beautiful, polished concrete floors. Third-floor units feature exceptionally high ceilings reaching as high as 20 feet in certain rooms, allowing for outstanding cubic square footage and abundant natural light. The units contain central HVAC units, and there is ample space within all units to add in-unit washers and dryers. The property has a charming entry lobby, an elevator, on-site laundry (3 washing/3 drying machines), secured bike storage racks, a 10-camera security system with online monitoring capabilities, secured front door entry and parking garage, and tasteful landscaping surrounding the property. Additionally, the building is separately metered for gas & electricity and has a master water heater located on the roof, which was replaced in 2021.

With a Walk Score of 88, the property’s location near the Venice Blvd and Overland Ave intersection and the 10 freeway offers residents easy access to the countless shopping, dining, entertainment, and recreation options of Culver City, Mar Vista, Century City, Beverly Hills, Marina Del Rey, and Santa Monica. The Glendon is well-positioned for a skilled value-add investor to implement a high-end unit/common area renovation program optimizing market rents, appreciation, and future returns.