Property Detail

Description

650 W Wilson Ave is an exceptionally rare 8-unit generational asset, offered for the first time ever in one of Glendale's most desirable rental pockets just steps from The Americana at Brand. What truly separates this opportunity is its immediate development potential. Both rear 1- bedroom units, that make up the back structure, will be delivered vacant, allowing a buyer to begin construction immediately after closing without the cost, delays, or uncertainty of tenant relocation. A contractor bid has already been completed to combine the two vacant units into a spacious 3 Bed / 3 Bath residence while adding an additional 3 Bed / 3 Bath ADU in the existing parking area. Buyers have the flexibility to either create two large 3 Bed / 3 Bath units or simply keep the existing 1-bedroom units and add a 9th unit, allowing them to tailor the project to their investment strategy while significantly increasing rental income. Unlike most value-add opportunities that require years of turnover, this project can begin on day one. Buyers also have the flexibility to complete only the ADU, only the conversion, or both projects depending on their investment strategy. Our team can also assist with project management using the same contractor who prepared the bid, creating a streamlined path from acquisition to completion. Beyond the development upside, the property offers strong in-place cash flow with a 5.80% current cap rate and a 7.26% pro forma, both calculated using real operating expenses and a 4% management fee. The six existing 2-bedroom units have seen numerous interior upgrades including cabinetry, countertops, flooring, and updated electrical panel breakers, minimizing future capital expenditures while providing additional rental upside. Combining an irreplaceable Glendale location, immediate income, and one of the easiest value-add opportunities currently available, 650 W Wilson represents a rare chance to acquire a true legacy asset with multiple paths to increasing long-term value.