1133 Alameda Ave

Description

In a market where much of the income property inventory consists of neglected buildings requiring significant capital improvements, 1133 Alameda stands out as a turnkey investment opportunity that combines immediate cash flow with strong growth potential. Built in 1986 by the parents of the current owners, this well-maintained property offers stability today while allowing for rent increases in the future. Located north of Glenoaks Boulevard near the Burbank border, residents of the building enjoy a highly desirable prime location minutes from the studios, restaurants, shops, Brand Park and the Americana At Brand. The property consists of eight two-bedroom, two-bath units, each featuring an en-suite primary bedroom, central air and heating, and individual hot water heaters. Many units have been upgraded with vinyl wood flooring, modern kitchen countertops and appliances, and refreshed bathrooms. The upper units provide treetop city views, with two of them offering private balconies, adding to their appeal for tenants. Two separate covered garage areas provide 12 side-by-side parking spaces and storage for each unit. A coin operated laundry room contributes $1200 a year in additional cash flow. Recent improvements ensure the property's long-term value. All eight units had their central air conditioning systems replaced in 2020. In 2023, the roof was upgraded with a durable rubber coating, new fire alarm pull stations were installed, and security cameras were added for enhanced safety. With an average rent of $2,217 per unit, there is substantial room for rental growth, as comparable units in the area command approximately $2,600. 1133 Alameda is an investment that delivers immediate returns today while offering the potential for increased profitability in the years to come. This property is a rare opportunity to acquire a high-quality asset in a competitive market.