1431 Verd Oaks Drive

Description

We are pleased to present the opportunity to acquire 1431 Verd Oaks Drive, a 4-unit multifamily property located in the Somerset neighborhood of Glendale. Built in 1941, the asset has a building square footage of 2,362 square feet and sits on a 7,872 square foot lot zoned for R1R, making this an irreplaceable multifamily asset due to the zoning restrictions. The unit mix consists of four 1bed/ 1bath units along with a basement unit that can be used as a storage unit and laundry room for additional revenue streams. The property also provides four on-site parking spaces in the rear carport along with additional room for surface parking. The asset has been well maintained over the years with three updated units and two new spiral steel staircases that service the back entrance to each unit at the rear of the property. The current rents are under market for the area, allowing an investor to capture approximately 26% in rental upside with annual rental increases (AB1482: 5% + CPI) and additional interior renovations at the time of vacancies. The property has enough space in the rear to also add common area amenities such as a barbeque area and sitting area with a gazebo or pergola. Somerset is an upscale residential neighborhood in Glendale with urban roots whose tree-lined avenues are accompanied by paved sidewalks and distant mountain views. Although the area is mainly residential, its highly populated and lined with apartments, houses, and condos. Located south of Colorado Street and just east of Verdugo Road, 1431 Verd Oaks Drive is in proximity to Somerset's northern boundary, Colorado Street, which offers cafes, casual dining options, and local shops and services. Within a short drive, there is an abundance of shopping, dining, and entertainment options that can be found in Downtown Glendale. Tenants of this property will have ease of access to Downtown Glendale, Atwater Village, Eagle Rock, Highland Park, Pasadena, Los Feliz, and many other nearby neighborhoods and cities. For commuters, the asset is close to the 134, 2, 5 and 210 Freeways allowing tenants ease of access to all parts of Los Angeles and Los Angeles County.