7064 Greeley St, Tujunga, CA 91042

Listed price has just been reduced by $500,000! The subject is a nine-unit woodframe and stucco luxury apartment building, built in 2022, with a convenient location in Tujunga, a suburban community within the city of Los Angeles. The subject is located just north of Foothill Boulevard and the Foothill (Interstate 210) Freeway, approximately one mile west of Glendale, two miles north of Burbank and less than eight miles from Pasadena. This stylish contemporary three-story building includes a central garage on the first story and an excellent mix of oversized two and three-bedroom units ranging up to 1,598 squre feet in size on the second and third stories. The property has a center atrium, an elevator located in the lobbies and a central garage with twenty-one vehicle spaces. Eidght of the aprtment units are one-level and one unit is two-story, townhouse-style. All nits have contemporary kitchens with quartz countertops, dishwashers, gas range/ovens and microwave ovens. Bathrooms have luxury oversized state-of-the-art showers with full glass enclosures. Many rooms feature floor-to-ceiling windows. All units have recessed lighting, tankless water heaters, washer/dryers and central heating/air conditioning. Electricity and gas are separately metered to each unit. Zoning is LARD1.5. Eight of the units have no rental rate restriction. One two-bedroom unit is subject to restricted rate occupancy. Mosts units are currently rented on a month-to-month tenancy. Average rent per squre foot is below comparable properties. As a nearly new property with minimal rent control, there is potential to increase the capitalization rate and cash flow by increasing rental rates and decreasing operating expenses, perhaps by instituting a ratio utility billing system.
Tujunga is located in the Crescenta Valley between the Verdugo and San Gabriel Mountains. It shares many municipal services with the community of Sunland which is adjacent to the west. Many residents are employed in the nearby cities of Glendale, Burbank and Pasadena. Glendale is a thriving business community which has many regional financial services centers. Burbank is considered by many as the "Media Capital of the World", with headquarters for Warner Brothers, The Walt Disney Companyl and many other national and international media corporations. Pasadena is well-known worldwide. The area is served by the nearby Hollywood-Burbank Airport, a regional hub, as well as Los Angeles International Airport, which is located approximately sixteen miles to the south.