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519 South St 23 Unit Apartment Building $11,558,331 CAD ($502,536 CAD/Unit) 5.05% Cap Rate Glendale, CA 91202
Investment Highlights
- Positioned in South Glendale, a supply-constrained, high-barrier submarket within Los Angeles County
- Separately metered utilities (electric and gas) minimize owner expenses
- Average Unit Size: ±774 SF
- Convenient freeway access to I-5, SR-134, and proximity to prominent job centers in Glendale and Burbank12
- No rent control: Property is exempt from California AB 1482, allowing full flexibility to reset rents at turnover
Executive Summary
519 South St is a 23-unit multifamily investment offered at $8,300,000 ($360,870/unit | $466.19/SF) in the South Glendale submarket — one of the San Fernando Valley's most supply-constrained and high-barrier rental markets. Built in 1986 on an 18,121 SF lot, the property features a balanced mix of 14 two-bedroom/two-bath and 9 one-bedroom/one-bath residences, each averaging 774 SF across 17,804 SF of building area. With 21 of 23 units currently occupied and generating $55,230 in monthly gross rent, the asset delivers immediate cash flow from close of escrow at a 5.05% in-place cap rate and a 1.20x debt service coverage ratio. Current rents average $2,401 per unit against market rents of $2,917 — a 21% discount that represents approximately $142,440 in annual rental upside achievable entirely through natural tenant turnover, with no capital improvement program required. The property sits outside California AB 1482 rent control protections, giving new ownership full flexibility to reset rents at each vacancy. Unit 207 — currently the furthest below market at $1,975 versus a $3,250 market rent — represents $1,275 in immediate monthly upside alone. Two units are immediately available for lease-up at market rents. At full market rents, NOI grows from $418,862 to $548,482, delivering a 6.61% pro forma cap rate and a GRM of 10.31. The property's separately metered electric and gas shift utility costs to residents, keeping pro forma expenses at just 28.30% of EGI — well below typical multifamily benchmarks.
Data Room Click Here to Access
- Offering Memorandum
Property Facts
| Price | $11,558,331 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $502,536 CAD | Building Class | B |
| Sale Type | Investment | Lot Size | 0.41 AC |
| Cap Rate | 5.05% | Building Size | 17,804 SF |
| Gross Rent Multiplier | 12.52 | Average Occupancy | 100% |
| No. Units | 23 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1986 |
| Property Subtype | Apartment | Parking Ratio | 1.46/1,000 SF |
| Zoning | R4, Glendale - Restricted Density Multiple Dwelling | ||
| Price | $11,558,331 CAD |
| Price Per Unit | $502,536 CAD |
| Sale Type | Investment |
| Cap Rate | 5.05% |
| Gross Rent Multiplier | 12.52 |
| No. Units | 23 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.41 AC |
| Building Size | 17,804 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1986 |
| Parking Ratio | 1.46/1,000 SF |
| Zoning | R4, Glendale - Restricted Density Multiple Dwelling |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Heating
- Kitchen
- Tub/Shower
Site Amenities
- Laundry Facilities
- Security System
- Walking/Biking Trails
- Storage Space
- Walk-Up
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 9 | $2,781 CAD | 650 |
| 2+2 | 14 | $3,706 CAD | 850 |
1 1
Very walkable
80/100
Very drivable
80/100
Some public transit
40/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 5634-026-042 | Improvements Assessment | $2,707,626 CAD |
| Land Assessment | $941,771 CAD | Total Assessment | $3,649,397 CAD |
Property Taxes
Parcel Number
5634-026-042
Land Assessment
$941,771 CAD
Improvements Assessment
$2,707,626 CAD
Total Assessment
$3,649,397 CAD
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519 South St
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