516 W Lexington Dr 4 Unit Apartment Building Offered at $1,984,579 CAD at a 4.55% Cap Rate Glendale, CA 91203

The property consists of four (4) one-bedroom / one-bathroom units situated on approximately 6,149 square foot lot with (5) on-site parking spaces — a highly desirable amenity in this central location. Built in 1926, the property offers classic Glendale character with strong repositioning potential. Located just moments from The Americana at Brand, Glendale Galleria, the 134 Freeway, major employment corridors, retail, dining, and public transit, the property benefits from consistent rental demand and premium one-bedroom pricing.
One unit is currently vacant, and a second unit may become vacant prior to close of escrow (not guaranteed), allowing an investor or owner-user the opportunity to implement upgrades and adjust rents early in the hold period. Current rents are below projected market levels, offering a clear path to increased income. At market rents, the property achieves an estimated 5.6% cap rate.
Additionally, the lot co-migration suggests potential to add one to two Accessory Dwelling Units (ADUs), subject to buyer variation with the City of Glendale. This presents a compelling long-term value enhancement strategy.
The property will be sold as-is.