Property Detail

Description

We are pleased to present The Belmont Plaza Condos, a rare 26-unit multifamily investment opportunity located at 201 N Belmont Street in the heart of Glendale, California being offered for acquisition for the first time in 4 decades. Originally built as condominiums, the property offers a level of scale, unit size, construction quality and long-term optionality that is exceptionally difficult to replicate in todays market. The asset totals approximately 37,295 square feet, with an average unit size of roughly 1,434 square feet, giving investors a highly differentiated rental product in one of Los Angeles Countys most supply-constrained and desirable apartment markets. With he highest allowable rent increases in the states an offered below replacement cost at only $332/ sf , the offering will suit a wide range of capital requirements. The unit mix is heavily weighted toward very large large two- and three-bedroom floor plans, with all units featuring washer and dryer hookups, private balconies or patios, generous layouts and strong resident appeal. Current rents are significantly below comparable market levels on a rent-per-square-foot basis, creating a clear path to income growth while maintaining the stability and desirability of a larger-unit Glendale asset. The location is one of Belmont Plazas strongest attributes. Residents benefit from a 93 Walk Score and immediate access to some of Glendales most sought-after retail, dining and lifestyle amenities, including Erewhon, Whole Foods, The Americana at Brand, Glendale Galleria, Portos, Nordstrom Rack and Brand Boulevard. R