447 W Elk Avenue, Glendale, California 91204, Glendale, 91204 - bed, bath
ACTIVE$5,595,000
447 W Elk Avenue, Glendale, California 91204
0Bed
0Bath
17,040Sqft
12,497Lot
Year Built
1964
Close
-
List price
$5.59M
Original List price
$6M
Price/Sqft
$328
HOA
-
Days on market
-
Sold On
-
MLS number
SR25151874
Home ConditionPoor
Features
View-
About this home
We found 3 Cons,5 Pros.
Huge price reduction. The Elk Apartments is a well maintained property located in the City of Glendale. The property is located in South Glendale in very close proximity to The Galleria and The Americana at Brand. It presents a reposition opportunity as there is approximately 10% upside in rents with an excellent unit mix.
Price History
Date
Event
Price
08/16/25
Price Change
$5,595,000
07/07/25
Listing
$6,000,000
Condition Rating
Poor
Built in 1964, this property is 60 years old. While the exterior is described as 'well maintained,' the listing explicitly highlights a 'reposition opportunity' with '10% upside in rents' that requires 'strategic investment in unit renovations.' This, coupled with the complete absence of interior photos (especially kitchens and bathrooms), strongly suggests that the individual units are significantly outdated and require substantial rehabilitation to meet modern standards and achieve higher rental income. The age also implies that major systems (plumbing, electrical, HVAC) are likely aging and may require significant capital improvements.
Pros & Cons
Pros
Prime Location: Strategically located in South Glendale, offering excellent proximity to major retail and entertainment hubs like The Galleria and The Americana at Brand, enhancing tenant appeal and property value.
Significant Rental Upside: Presents a clear reposition opportunity with approximately 10% upside in rents, indicating strong potential for increased cash flow and return on investment.
Well-Maintained Property: Described as a 'well maintained property,' suggesting good stewardship and potentially lower immediate capital expenditure for basic upkeep.
Attractive Unit Mix: Features an 'excellent unit mix,' which typically implies a diverse range of unit sizes or types that can cater to a broader tenant base and stabilize occupancy.
Recent Price Reduction: A 'huge price reduction' from $6,000,000 to $5,595,000 indicates a motivated seller and potential for a more favorable acquisition price for buyers.
Cons
Age of Building: Constructed in 1964, the property is over 50 years old, which may imply aging infrastructure, systems (plumbing, electrical, HVAC), and potential for higher maintenance costs or the need for significant capital improvements in the future.
Repositioning Requires Investment: While offering rental upside, achieving the 10% rent increase likely requires strategic investment in unit renovations or property enhancements, which adds to the initial acquisition cost and project management.
Lack of Specifics on Unit Condition/Amenities: The description lacks details on the current interior condition of individual units or specific amenities, making it difficult to fully assess the immediate readiness for rent increases without further due diligence.