This property is no longer available to rent or buy. This description is from December 15, 2016
12 apartment units on 2 of 3 adjacent R-1250* zoned lots, the 3rd lot being vacant valued $1,000,000, with alley access, totaling 24,722* SF in prime North Central (above Glenoaks Blvd.) none rent control city. With 150* ft. frontage current city ordinance allows 1 dwelling unit per 1,000* SF of land providing the possibility of developing 24* Condos/Apartments units on the 3 lots. Opportunities are; (i) hold the 12 x 2 bdrms 1 bath units (8 x TH style & 4 x one level with individual Water Heaters & W/D Hookups) and sell or develop 6 uts on the vacant lot, or (ii) enjoy the existing income to later develop 24* units on all 3 lots. The 5 buildings existing 12 units being 10,672* SF (built in 1927*) are on 16,496* SF double lots are at 221-223 W. Dryden St. and the 3rd vacant parcels of 8,266* SF at 227 W. Dryden St. The current monthly rents range from $1,100 to $1,445 per unit, all on month-to-month bases, are significantly low. The location is affluent rental part of the city, market monthly rent for similar units in the area range between $1,650 to $1,750. See I/E details on the attached OM. MUST NOT ENTER PROPERTY OR CONTACT TENANTS, DRIVE BY ONLY PLEASE. *obtained from Los Angeles County Recorder records, city of Glendale.