451 Hawthorne Street
Glendale, CA, 91204 $ 11,550,000
Bedrooms43 Baths43.0 Sq 23,673 Monthly Estimate*
$ 80,680
Listed by Marcus & Millichap
for $11,550,000 with 43 bedrooms and 43 full baths. This 23,673 square foot home was built in 1989 on a lot size of 0.429.
We are pleased to present an exceptional investment opportunity: 451 Hawthorne St, a 25-unit multifamily property located in the Moorpark neighborhood, just steps away from Downtown Glendale. This property, offered for sale for the first time in 33 years, represents a rare generational investment in the highly sought-after Downtown Glendale area, situated only one block from the Glendale Galleria and two blocks from the Americana on Brand.What sets 451 Hawthorne apart from other properties of similar vintage in Glendale is its distinctive architecture and layout, making it an ideal choice for investors seeking over 20% in rental upside through an interior and exterior renovation program. The property's value is further solidified by its zoning designation as R1250, which prohibits future multifamily developments of this size at this prime location.Constructed in 1989, this three-story property comprises six 1-bedroom/1-bathroom units, one 1-bedroom/1.5-bathroom + office townhouse unit, and eighteen 2-bedroom/2-bathroom units. Nine of these units have undergone renovations featuring custom kitchen cabinetry and updated bathrooms, while almost all units have received new vinyl plank or wood laminate flooring. Four units have undergone minor improvements, and the remaining 12 units have been well-maintained but not renovated. Many units feature private patios, common area patios, private balconies, and Juliette balconies. The average unit size is approximately 950 square feet, offering diverse floorplans suitable for family living. All units are equipped with central HVAC and are individually metered for gas and electric utilities.The property includes a subterranean garage providing 48 parking spaces for tenants, an owner's storage room, trash disposal area, an on-site laundry room, and elevator access. Recent capital expenditures have ensured the property's excellent condition, including a new sewer line, elastomeric roof coating, and the installation of 6 new HVAC package units. The remaining 19 HVAC package units are under contract to be replaced soon. 451 Hawthorne St. is conveniently situated between Broadway and Colorado St., with Central Ave. to the west and Pacific Ave. to the east. Residents have easy access to several nearby bus stops on Pacific Ave., Broadway, and Colorado St. Moreover, its proximity to the Glendale Galleria and Americana at Brand, both within one to two blocks, ensures a high demand for rental units in one of Glendale's most sought-after neighborhoods.
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FeaturesGeneralHeating Central
Cooling CentralAir
Appliances Refrigerator
Zoning GLR4YY
Year Built 1989
Levels ThreeOrMore
Gross Income 684000.0
County Los Angeles
Net Operating Income 432313.0
New Construction N
Property Type ResidentialIncome
HOA / Comm Assn N
Attached Garage N
Garage Y/N N
Special Listing Conditions Standard
Status ActiveUnderContract
Directions Head east on West Colorado Street and turn left on South Pacific Ave then turn right on Hawthorne Street. The subject property is situated in between South Pacific Avenue and South Columbus Avenue.
City Glendale
View Y/N N
Senior Community Y/N N
Total Units 25
MLS Area 628 - Glendale-South of 134 Fwy
Lot Size Square Feet 18688.0
Private Pool N
Waterfront Y/N N
Carport Y/N N
Street Name Hawthorne
Property Attached Y/N N
Land Lease Y/N N
Home Warranty Y/N N
Lease Renewal Y/N N
Additional Parcels Y/N N
Lease Considered Y/N N
Rent Control Y/N N
Days on Market 69
Standard Status ActiveUnderContract
Cap Rate 3.74
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ExteriorParking Features Assigned
Total Parking 48.0
Lot Size Area 18688.0
Number of Buildings 3
Spa N
Building Area Total 23673.0
Lot Size Acres 0.429
Lot Size Units SquareFeet
Crops Included Y/N N
Open Parking Y/N N
Horse Y/N N
Irrigation Water Rights Y/N N
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InteriorTotal Stories 3
Basement (Y/N) N
Air Conditioning Y/N Y
Heating Y/N Y
Fireplace Y/N N
Full Baths 0
Half Baths 0
1/4 Baths 0
3/4 Baths 0
Street Suffix Street
Laundry Features CommonArea
Total Bedrooms 43
Electric On Property Y/N N
Total Baths 43
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* Excluded FeaturesAffordability Calculator
- Monthly Principal & Interest
- $80,680
- Monthly Property Taxes
- --
- Monthly Home Insurance
- --
Default based on a 30-year fixed rate of 7.49% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
Learn more about how to save NearbyMulti-family listings in Glendale, CA
Average List Price $3,566,881
Percent of Sale Price 69%
About Glendale, CA 199,017 Population
2% Since 2002
$ 61,015 Median Income
42.24 Median Age
26% Households with Children
Trends Information provided by ATTOM Data Solutions.
273443 Elementary School
272636 Middle School
Unknown High School High School
Pricing HistoryDate | Price | Price Change | Description |
---|
2/21/2024 | $11,550,000 | | Listed Price |