Dream Fourplex: 1414 Dixon St.
I’m not one to exaggerate. There are some properties that have one business strategy that will make it worth owning: you have to buy out the tenants and renovate, for example. This leaves you in a lurch if any of the tenants won’t leave for a reasonable dollar amount, or renovating costs rise higher than you budgeted.
The new fourplex that I’m listing is rare because it has multiple positive options:
- Don’t do a thing. It already cashflows with a 4.85 CAP at the listing price of $1,195,000
- Raise the rents on three under-market units: did I mention there’s NO RENT CONTROL in Glendale? At market rents you reach a 6.5 CAP.
- Raise the rents until tenant turnover happens slowly so you can renovate the units and get top dollar in the skyrocketing Glendale pocket neighborhood.
- Spend cash to develop, maybe add bedrooms, and you tell me what else you can do with a 10,000 SF flat, buildable lot.
Here is the public MLS listing. Here is the slideshow.
I’ve told some of my clients what I think of Glendale as a new opportunity. My sister is a writer for animation, and because of that I’m friends with dozens of young(ish) animators who work at Disney TV Animation’s new huge facility in Glendale, and others. The industry itself is growing, and animators and their friends are moving to Glendale. That, along with the growing popularity of Los Feliz and Atwater Village at the doorstop of Glendale, the cool neighborhoods are climbing northeasterly into Glendale’s green streets, raising market rents.
Key features:
- NO Rent Control
- 4,272 SF
- 10,169 SF lot
- Four Units: Two 2+1, Two 1+1
- Four Garages (Three Empty)
- Updated: Plumbing, Electric, Sewer, Floor, Landscaping
- Current $80,340 annual gross rent
- Approximate 20% under-market rents
- Actual 4.85 CAP
Please let me know if you’d like more information: 310-801-0000
