421 E Chevy Chase Drive

421 E Chevy Chase Dr is a charming 5-unit property with major value-add potential in prime Glendale for an unheard-of price of $1,250,000! A price per door of only $250,000 is awe-inspiring, making this a deal you won’t find again anytime soon! With the possibility of an ADU, this building offers buyers major opportunity for growth. 421 E Chevy Chase Dr boasts a better price per unit, GRM and cap rate than all its Glendale comps.
The property, which is situated on a corner lot, is made up of five one bedroom, one bathroom units, one of which is vacant. The current cap rate is 4.49% (well above the comps) and there is huge upside potential. We project a very conservative pro forma cap rate of 5.70%.
These units are located less than a mile from the vibrant Glendale Galleria and the upscale Americana at Brand, two iconic shopping destinations in Glendale that offer an abundance of high-end boutiques and gourmet restaurants that will have tenants flocking to your doors for years to come. It is also just a short drive from many conveniences such as Target, Whole Foods, Trader Joes, Costco and much more.
The property boasts other notable features including: seven parking spots (two located in a carport) and character wood-beamed ceilings that make the units appear extremely spacious! This is a dream opportunity for experienced or entry level investors to purchase an incredibly well-priced deal that won’t empty your pockets. Sit back and collect rent from quiet, friendly tenants!