519 South St, Glendale, CA 91202

Property Overview

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519 South St is a 23-unit multifamily investment offered at $8,600,000 ($373,913/unit | $483/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 all 23 units currently occupied and generating $51,216 in monthly gross rent, the asset delivers immediate cash flow from close of escrow at a 4.32% in-place cap rate and a 1.20x debt service coverage ratio. Current rents average $2,227 per unit against market rents near $2,917 — a 31% discount that represents approximately $191,000 in annual rental upside achievable entirely through natural tenant turnover, with no capital improvement program required.

Built in 1986, the property sits outside California AB 1482 rent control protections, giving new ownership full flexibility to reset rents at each vacancy. Unit 205 — currently operating as a manager unit at $500/month — represents $2,750 in immediate monthly upside alone. At full market rents, NOI grows from $371,279 to $544,732, delivering a 6.33% pro forma cap rate and a GRM of 10.68. The property's separately metered electric and gas shift utility costs to residents, keeping pro forma expenses at just 28.79% 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: 100%

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Investment Highlights

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• 31% Rental Upside with No Rent Control — Pure Organic Lease-Up: Current rents across all 23 units average $2,227 against market rents of $2,917 — a 31% gap representing ~$191,000 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 205 — Immediate $2,750/Month Upside on Day One: The manager unit is currently occupied at $500/month on a 2+2 floor plan with a $3,250 market rent. This single unit alone represents $2,750 in immediate monthly upside — a built-in win available from close of escrow.
• Strong Pro Forma Returns with No Capital Required: At market rents, NOI grows from $371,279 to $544,732 — a 47% increase driven entirely by lease-up. The pro forma delivers a 6.33% cap rate, 10.68 GRM, and 5.47% cash-on-cash at 50% LTV with no renovation or capital improvement program required to achieve it.
• 100% Occupied — Cash Flowing from Day One: All 23 units are occupied, generating $51,216 in monthly gross rent and a 4.32% in-place cap rate. A 1.20x DSCR provides a stable income foundation while the new owner executes a lease-up strategy at their own pace.
• Lean Expense Profile with Separately Metered Utilities: Electric and gas are separately metered, shifting costs directly to residents. Pro forma expenses represent just 28.79% 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