Courtesy of: Jeanelle Mountford 01737872 | GIG Real Estate Inc.
Purchase Type: Sale
MLS ID: AR21231299
Days On Market: 40
Year Build: 1988
Lot size: 0.501
Property Type: Residential Income
New Construction: No
Swimming Pool: No
Utilities: Cable Available, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected
Address: 1016 Winchester Avenue
County: Los Angeles
Neighborhood: 626 - Glendale-northwest
Pool Features: None
Income specified is effective Jan 2022 (with latest rent increases). 1016 Winchester Ave, a 30-unit apartment located in the highly desirable city of Glendale, bordered by the City of Burbank. The property offers a superb location with access to many amenities, within walking distance to IKEA Burbank, Burbank Downtown, many shopping centers, close to schools, parks, local and national retailers, dining and upscale shopping, entertainment,and easy access to freeways (5 FWY and 134 FWY). Most of the tenants are long-time tenants that are on month-to-month leases. This provides significant upside potential to add value by increasing rent and return. 1016 Winchester Ave is a beautifully maintained townhome-style apartment community built in 1988. Due to its newer construction, it offers many desirable amenities such as gated parking, secured entrance, central A/C and heating in each unit, copper piping, and much more. It is situated on a quiet residential street surrounded by other single-family and condominium communities. It offers a superb unit mix of sixteen (16) 2 bed + 1.5 bath units and fourteen (14) 1 bed + 1 bath units on a large lot size of ±21,811 SF with a total building size of ±21,373 SF. The property has excellent curb appeal and has been well-maintained throughout current ownership with no known deferred maintenance; recently incorporated cost-efficient features such as electricity-generating solar system (zero electric bill – seller receives a credit from the electric provider), “electric eye”, newer polyurethane roof, newer air conditioning units, on-site laundry (machines owned), central A/C and heating, and individual water heaters. Each unit offers a generous layout, central A/C and heating, updated appliances and cabinets, granite kitchen countertops, and stainless-steel kitchen sinks; tile and laminate wood flooring, and refreshed bathroom vanities. Most units have a private patio or balcony. The property offers a single-level gated parking garage. It has 44 parking spaces (the 45th parking space is a storage rental). The strong unit mix and excellent location are perfect for an investor seeking growth, stability, and a hedge against inflation.