451 Hawthorne Street

451 Hawthorne Street

Glendale, CA 91204

$11,550,000
Price
43
Beds
43.5
Baths
23,673 Sq. Ft.
$488 / Sq. Ft.
23,673
Sq. Ft.
$488
per Sq. Ft.

Active Under Contract

Active Under Contract

Description

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...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.
  1. Listed by Sevak Keshishian • DRE #01887505 • Brokerage DRE #01240999 • Marcus & Millichap

Property Details for 451 Hawthorne Street

Zoning
GLR4YY
Parcel Number
5695007048
Total Units
25.0
Living Area
23673
Source Living Area
Vendor Enhanced
Area
Glendale-South of 134 Fwy (628)
Vacancy Rate
0
Lot Size Area
18688

Location

Listing Courtesy of Marcus & Millichap, Sevak Keshishian, DRE #01887505
Add your commute
LISTING UPDATED: 04/29/2024 11:12 AM

Property Details for 451 Hawthorne Street

StatusActive Under Contract
MLS #24-360421
Days on Market69
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1989
Lot Size0.43 AC / 18,688 SF
CountyLos Angeles County

Location

Listing Courtesy of Marcus & Millichap, Sevak Keshishian, DRE #01887505
Add your commute

Building Information for 451 Hawthorne Street

Stories3Residences-Year Built1989Building Size-Lot Size0.43 AC / 18,688 SF

Payment Calculator

$66,156 per month

30 year fixed, 7.25% Interest

Principal and Interest

$63,033

Property Taxes

$3,123

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 451 Hawthorne Street

Community / Development
Community / Development
  • Number Of Units: 25
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 3
  • Number Of Buildings: 3
  • Type Of Units: Standard
Contract Info
Contract Info
  • Disclosures: None
  • Listing Type: Exclusive Agency
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $663,750
  • Net Operating Income: $432,313.00
  • Gross Income: $684,000
  • Cap Rate: 3.74%
  • Gross Rent Multiplier: $17.11
  • Actual Annual Gross Rent: $675,000.00
  • Vacancy Allow Dollar: $20,250.00
  • Total Annual Expense: 231437
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.429
  • Lot Size Square Feet: 18688
Parking Details
Parking Details
  • Parking Garage: Assigned
  • Total Parking: 48
  • Covered Parking: 48
  • Parking Features: Assigned
Interior Features
Interior Features
  • Levels: Three Or More
  • Cooling: Central Air
  • Cooling Type: Central
  • Heating: Central
  • Heating Type: Central
  • Equipment: Elevator, Range/Oven, Intercom, Refrigerator
  • Laundry: Community
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 02-20-2024
Unit Details
Unit 1 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $2,067.00
  • Unit Actual Rent: $12,400.00
  • Unit Projected Rent: $14,600.00
  • Like Units: 6
Unit 2 Information
  • Unit Beds: 1
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $2,200.00
  • Unit Actual Rent: $2,200.00
  • Unit Projected Rent: $3,000.00
  • Like Units: 1
Unit 3 Information
  • Unit Beds: 2
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $2,314.00
  • Unit Actual Rent: $41,650.00
  • Unit Projected Rent: $53,300.00
  • Like Units: 18
Unit Details
  • Unit Type Type: 2106, 2107, 2108
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $2,271,283.00
  • Assessed Improvement Percent: 70.81
  • Assessed Land Value: $936,493.00
  • Assessed Land Percent: 29.19
  • Assessed Total Value: $3,207,776.00

Property History for 451 Hawthorne Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 451 Hawthorne Street

Taxable ValueLand$936,493Additions$2,283,783Total$3,220,276
Tax Record2023$37,470 ($3,123 / month)
Home Facts
Total Finished SqFt23,673 SqFtAbove Grade Finished SqFt23,673 SqFtLot Size18,682 SqFtStyleMulti-Family Res (5+ Units)Year Built1989ZoningGLR4YYCountyLOS ANGELESAPN5695-007-048

Schools near 451 Hawthorne Street

This home is within Glendale Unified School District.
Rating
School
Type
Grades
Distance
Cerritos Elementary School
Public - K to 6
Theodore Roosevelt Middle School
Public - 6 to 8
Herbert Hoover High School
Public - 9 to 12
Jewel City Community Day School
Public - 7 to 10
Rating
School
Distance
Cerritos Elementary School
PublicK to 6

Theodore Roosevelt Middle School
Public6 to 8

Herbert Hoover High School
Public9 to 12

Jewel City Community Day School
Public7 to 10

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Marcus & Millichap, Sevak Keshishian, DRE #01887505

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.