323 E Chestnut
323 E Chestnut is a 22-unit multifamily community in downtown Glendale offered at $8,000,000 at a 4.86% cap ($388,498 NOI). Built in 1962, the Class B property features a desirable mix of one studio, 19 one-bedroom/one-bathroom, and two two-bedroom/two-bathroom units, with 21 of 22 units recently renovated. The asset is substantially stabilized at 97% occupancy with approximately 10% upside in rents.
The 13,925 SF building sits on a 17,193 SF lot and includes a spacious courtyard with swimming pool, on-site laundry, resident storage, and 16 parking spaces. Located on E Chestnut Street in the heart of downtown Glendale, the property benefits from exceptional walkability—a Walk Score of 96 designated as a "Walker's Paradise"—and is within walking distance of The Americana at Brand and Glendale Galleria. The trade area is anchored by major employers including Disney, Adventist Health Glendale, and ServiceTitan, supporting consistent residential demand. Public transportation is readily available via Glendale Beeline and Metro LA bus routes, with the nearby Glendale Transportation Center providing Metrolink and Amtrak access.
- 21 of 22 units with renovated interiors; limited near-term capital requirements
- Walk Score 96 (Walker's Paradise) with walking distance to major retail and dining
- Approximately 10% upside in rents; current GRM 13.59 vs. market 12.07
- Spacious courtyard with swimming pool and on-site amenities
- Excellent public transit connectivity; downtown Glendale employment hub location
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Features & amenities
Location
Located in the heart of downtown Glendale, 323 E Chestnut Street is a well-maintained 22-unit multifamily community in one of Glendale's most desirable and highly walkable neighborhoods. The property is centered around a spacious courtyard and swimming pool. With a Walk Score of 96, designated a 'Walker's Paradise,' residents can complete most daily errands on foot. The property benefits from an exceptional Downtown Glendale location within walking distance of The Americana at Brand, the Glendale Galleria, and a wide variety of restaurants, cafés, entertainment venues and everyday services.
- Downtown Glendale location;
- Walk Score 96 (Walker's Paradise);
- Walking distance to The Americana at Brand and Glendale Galleria; Excellent public transportation via Glendale Beeline and Metro LA bus routes;
- Nearby Glendale Transportation Center with Metrolink and Amtrak access