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.