Description

650 W Wilson is an extremely rare 8-unit

generational asset, first time on the market, ideally located in the heart of Glendale just steps

from The Americana at Brand, offered at $2,299,000. Featuring two units delivered vacant in a

separate rear structure and an ADU bid already in hand, this is one of the best positioned

value-add opportunities in the entire submarket, delivering a stronger GRM and higher cap

rate than nearly every competing Glendale listing.

Located on a quiet, tree-lined street just 0.5 miles from The Americana at Brand,

the property consists of six 2-bedroom units and two 1-bedroom units, both of

which will be delivered vacant at closing, allowing a new owner to immediately

capture rental upside. The asset is already performing at a 5.80% cap rate with

a conservative 6.92% pro forma, both calculated using real operating expenses

and including a 5% management fee.

Adding to the opportunity, a contractor bid is already in hand to convert the two

vacant rear units into a large 3 bed unit and construct an additional 3 bed unit ADU

in the existing parking area, creating the potential for a 9th unit and additional rental

income. With both rear units delivered vacant, a buyer can begin the conversion

immediately after closing without the delays and costs associated with tenant relocation.

The majority of units have already been upgraded with new or refinished countertops,

cabinetry, and flooring, and electrical panel breakers have been replaced throughout, helping

minimize future capital expenditures. Tenants enjoy a highly walkable location near The

Americana, Glendale Galleria, Whole Foods, Trader Joe's, and Target, supporting strong and

consistent rental demand.

This is a true legacy Glendale asset combining irreplaceable location, in-place income, and

immediate value-add potential at a basis that is becoming increasingly difficult to find.