$2,299,000
650 W Wilson Ave is an exceptionally rare 8-unit
generational asset, offered for the first time ever in one of Glendale's most desirable rental
pockets just steps from The Americana at Brand.
What truly separates this opportunity is its immediate development potential. Both rear 1-
bedroom units, that make up the back structure, will be delivered vacant, allowing a buyer
to begin construction immediately after closing without the cost, delays, or uncertainty
of tenant relocation. A contractor bid has already been completed to combine the
two vacant units into a spacious 3 Bed / 3 Bath residence while adding an
additional 3 Bed / 3 Bath ADU in the existing parking area. Buyers have the
flexibility to either create two large 3 Bed / 3 Bath units or simply keep the
existing 1-bedroom units and add a 9th unit, allowing them to tailor the project
to their investment strategy while significantly increasing rental income.
Unlike most value-add opportunities that require years of turnover, this project can
begin on day one. Buyers also have the flexibility to complete only the ADU, only
the conversion, or both projects depending on their investment strategy. Our team
can also assist with project management using the same contractor who prepared the
bid, creating a streamlined path from acquisition to completion.
Beyond the development upside, the property offers strong in-place cash flow with a 5.80%
current cap rate and a 7.26% pro forma, both calculated using real operating expenses and a
4% management fee. The six existing 2-bedroom units have seen numerous interior upgrades
including cabinetry, countertops, flooring, and updated electrical panel breakers, minimizing
future capital expenditures while providing additional rental upside.
Combining an irreplaceable Glendale location, immediate income, and one of the easiest
value-add opportunities currently available, 650 W Wilson represents a rare chance to
acquire a true legacy asset with multiple paths to increasing long-term value.
BB26104554
MLS
⋅
Active Under Contract
Status
650 W Wilson, Glendale