519 South St, Glendale, CA 91202

Property Overview

519 South St is a 23-unit multifamily investment offered at $8,300,000 ($360,870/unit | $466.19/SF) in the South Glendale submarket — one of the San Fernando Valley's most supply-constrained and high-barrier rental markets. Built in 1986 on an 18,121 SF lot, the property features a balanced mix of 14 two-bedroom/two-bath and 9 one-bedroom/one-bath residences, each averaging 774 SF across 17,804 SF of building area.

With 21 of 23 units currently occupied and generating $55,230 in monthly gross rent, the asset delivers immediate cash flow from close of escrow at a 5.05% in-place cap rate and a 1.20x debt service coverage ratio. Current rents average $2,401 per unit against market rents of $2,917 — a 21% discount that represents approximately $142,440 in annual rental upside achievable entirely through natural tenant turnover, with no capital improvement program required.

The property sits outside California AB 1482 rent control protections, giving new ownership full flexibility to reset rents at each vacancy. Unit 207 — currently the furthest below market at $1,975 versus a $3,250 market rent — represents $1,275 in immediate monthly upside alone. Two units are immediately available for lease-up at market rents. At full market rents, NOI grows from $418,862 to $548,482, delivering a 6.61% pro forma cap rate and a GRM of 10.31. The property's separately metered electric and gas shift utility costs to residents, keeping pro forma expenses at just 28.30% of EGI — well below typical multifamily benchmarks.

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Key Property Details

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• Address: 519 South St, Glendale, CA 91202
• Units: 23
• Unit Mix: (14) 2-Bed / 2-Bath | (9) 1-Bed / 1-Bath
• Parking: 26 Spaces
• Rent Control: Not subject to AB 1482
• Occupancy: 91% (21/23 Units)

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Investment Highlights

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• 21% Rental Upside with No Rent Control — Pure Organic Lease-Up: Current rents across 21 occupied units average $2,401 against market rents of $2,917 — a 21% gap representing ~$142,440 in annualized upside. Built in 1986, the property is exempt from AB 1482, giving new ownership full freedom to reset rents at each turnover with no buyout exposure and no legal friction.
• Unit 207 — $1,275/Month Upside, the Largest Gap in the Portfolio: Unit 207 is currently occupied at $1,975/month on a 2+2 floor plan against a $3,250 market rent — a 64.56% gap, the single largest upside opportunity among all 23 units. Capturing this unit alone at market unlocks $1,275 in additional monthly income.
• Strong Pro Forma Returns with No Capital Required: At market rents, NOI grows from $418,862 to $548,482 — a 31% increase driven entirely by lease-up. The pro forma delivers a 6.61% cap rate, 10.31 GRM, and 5.78% cash-on-cash at 50% LTV with no renovation or capital improvement program required to achieve it.
• Two Units Available for Immediate Lease-Up: Units 107 and 210 are vacant and available at close, providing the incoming owner immediate revenue upside on top of an already cash-flowing asset. The remaining 21 units generate $55,230 in monthly gross rent at a 5.05% in-place cap rate with a 1.20x DSCR providing a stable income foundation.
• Lean Expense Profile with Separately Metered Utilities: Electric and gas are separately metered, shifting costs directly to residents. Pro forma expenses represent just 28.30% of EGI — well below typical multifamily benchmarks — with reserves and management fees already baked in.

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Neighborhood and Accessibility

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The Glendale submarket is one of Greater Los Angeles's most supply-constrained rental markets — with a 95.6% current occupancy rate and 31.7% cumulative rent growth over the past decade. New supply is projected to fall to near zero after 2026, keeping existing multifamily stock well-occupied for the foreseeable future.

519 South St sits in South Glendale within minutes of the 2, 5, 134, and 210 freeway corridors, connecting residents directly to Burbank, Downtown Los Angeles, and Pasadena. The immediate area offers walkable access to The Americana at Brand, the Glendale Galleria, Whole Foods, and a deep inventory of retail, dining, and everyday services. Top-ranked schools within the Glendale Unified School District anchor long-term household stability and attract quality, longer-tenured residents.

Renters priced out of Silver Lake, Los Feliz, and the Eastside increasingly look to Glendale as a high-quality, value-oriented alternative — a trend that continues to compress vacancy and push rents upward across all unit types. With an average household income of $128,711 and a transfer tax of just 0.11% versus Los Angeles's 6.06%, Glendale offers a materially better operating environment for multifamily investors.

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For more information and to schedule a viewing, please contact:

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Taylor Avakian

Founder, The Group CRE

First Vice President, Lyon Stahl