Address
451 Hawthorne Street, Glendale, CA
Price
$ 11,550,000
Property Attributes
  • MLS#0024360421
  • TypeIncome
  • CountyLOS ANGELES
  • CityGlendale
  • AreaGlendale-South of 134 Fwy
  • Zip91204
  • Style
  • Price$ 11,550,000
  • Bedrooms0
  • Full Bathrooms0
  • Half Bathrooms0
  • Sqr Footage23673
  • Lot Size0.43 Acres
Data Source:
California Desert Association of REALTORS® (CDAR)
Property Description

We are pleased to present an exceptional investment opportunity: 451 Hawthorne St, a 25-unit multifamily property located in the Moorpark neighborhood, just steps away from Downtown Glendale. This property, offered for sale for the first time in 33 years, represents a rare generational investment in the highly sought-after Downtown Glendale area, situated only one block from the Glendale Galleria and two blocks from the Americana on Brand.What sets 451 Hawthorne apart from other properties of similar vintage in Glendale is its distinctive architecture and layout, making it an ideal choice for investors seeking over 20% in rental upside through an interior and exterior renovation program. The property's value is further solidified by its zoning designation as R1250, which prohibits future multifamily developments of this size at this prime location.Constructed in 1989, this three-story property comprises six 1-bedroom/1-bathroom units, one 1-bedroom/1.5-bathroom + office townhouse unit, and eighteen 2-bedroom/2-bathroom units. Nine of these units have undergone renovations featuring custom kitchen cabinetry and updated bathrooms, while almost all units have received new vinyl plank or wood laminate flooring. Four units have undergone minor improvements, and the remaining 12 units have been well-maintained but not renovated. Many units feature private patios, common area patios, private balconies, and Juliette balconies. The average unit size is approximately 950 square feet, offering diverse floorplans suitable for family living. All units are equipped with central HVAC and are individually metered for gas and electric utilities.The property includes a subterranean garage providing 48 parking spaces for tenants, an owner's storage room, trash disposal area, an on-site laundry room, and elevator access. Recent capital expenditures have ensured the property's excellent condition, including a new sewer line, elastomeric roof coating, and the installation of 6 new HVAC package units. The remaining 19 HVAC package units are under contract to be replaced soon. 451 Hawthorne St. is conveniently situated between Broadway and Colorado St., with Central Ave. to the west and Pacific Ave. to the east. Residents have easy access to several nearby bus stops on Pacific Ave., Broadway, and Colorado St. Moreover, its proximity to the Glendale Galleria and Americana at Brand, both within one to two blocks, ensures a high demand for rental units in one of Glendale's most sought-after neighborhoods.

Price History
2/21/2024 Listed $11,550,000

General Features

Heating Central
Cooling Central Air
Zoning GLR4YY
Year Built 1989
Levels Three or More
County Los Angeles
Net Operating Income 432313.0
New Construction No
Property Type C
HOA / Comm Assn No
Status Active
City Glendale
Buyer Agent Compensation 1.00
Senior Community Y/N No
MLS Area 628 - Glendale-South of 134 Fwy
Lot Size Square Feet 18688.0
Street Name Hawthorne
Standard Status Active
Buyer Agent Compensation Type %

Interior Features

Kitchen Appliances Refrigerator
Total Stories 3
Air Conditioning Y/N Yes
Heating Y/N Yes
Street Suffix Street
Laundry Features Community

Exterior Features

Parking Features Assigned
Lot Size Area 18688.0
Building Area Total 23673.0
Lot Size Acres 0.43
Lot Size Units Square Feet
Land Lease Type Fee
NumberOfUnitsBuildings 3

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Income Average in 91204

Price
AVG $4.81M
$11.55M
Visits
AVG 19
7
Data Provided by Inside Real Estate®
Year Built
AVG 1942
1989