337 W Elk · Glendale, CA 91204

$4,950,000

6 bd · 24.0 ba · 12,993 sqft · MultiFamily public records · 97 Days on market

Built 1929 6,267 sqft lot $381/sqft · 8% above area Est $4572k · 8% over

---

Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.1/10.0
• ARV discount +3.8/15.0
• Livability +3.6/5.0
• Appreciation +3.0/10.0
• Condition / age +2.5/5.0
• Rent growth +2.0/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 24 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

24 - Unit Apartment Complex located in the heart of Glendale, and within walking distance to the Americana and Glendale Galleria. This property features 6 - 1 Bedroom, 1 Bathroom, 6 - Bachelor, 1 Bathroom, and 12 - Studio, 1 Bathrooms. Sub panels and Main panels have all been upgraded in 2024. Convenient access to 5 and 134 Freeways. Property is clean and well maintained.

Key facts

• Upgraded sub panels
• Upgraded main panels
• 6,267 sq ft lot

Tags

• WALKING DISTANCE TO AMERICANA
• UPGRADED SUB PANELS
• UPGRADED MAIN PANELS
• CONVENIENT ACCESS TO FREEWAYS
• CLEAN AND WELL MAINTAINED

What this means for you Summary

Snapshot

• This is a 24 × 6-bed/1-bath units multifamily listed at $4.95M.

Deal economics

• At list price, monthly cash flow is $30k ($362k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($77k rent vs $4.95M).
• Recommended offer: $4.50M (9.0% below list) — sets the bar for market timing.
• Cap rate 13.6% vs local median 1.9% in Glendale — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 72/100 on livability (#201 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, schools B+; Watch: health & safety C-, cost of living F.
• Glendale Unified (urban): math 53% / reading 66% proficiency, ranked #81 of 517 in CA (top 16%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents soft (-1.9%/yr); 28 active listings in the ZIP; 19,697 units permitted in Los Angeles County in 2024 (9,426 in 5+ unit buildings).
• At $76,635/mo this rent would consume 1240% of the median local household income ($74k/yr) (locally 1864% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $34k of loan paydown is wiped out by about $148k of value loss. Plan a longer hold.
• Los Angeles County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $1.39M cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 97 days — a 9% lower offer ($4.50M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $1.75M; list at $4.95M implies a 183% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1929 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $4,504,500 (9.0% below list)

Questions for the listing agent

1. It's been on market 97 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1929 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.55% ✓
• Cap rate: 13.61%
• Cash-on-cash: 26.14%
• DSCR: 2.16
• GRM: 5.4

CMA / ARV

• ARV (median comp): $4,572,352
• List price: $4,950,000
• Delta: 8.26%
• Verdict: FAIR
• Comps: 8 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 16.6%
• Equity multiple: 1.65×
• Total profit: $895,233
• Equity at exit: $738,061

10-year hold

• IRR: 23.0%
• Equity multiple: 2.72×
• Total profit: $2,383,032
• Equity at exit: $427,986

Cash invested: $1,386,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 18 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City: — inherits STATE

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 91204

• Home prices YoY: -0.9%
• Rents YoY: -1.9%
• Active inventory: 28
• Price-to-rent: 129.2×

Monthly cashflow live

• Estimated rent: $76,635 medium
• Mortgage (P&I): −$25,958
• Tax from tax record: −$2,326 /mo · $27,907/yr
• Insurance: −$2,062
• HOA: −$0
• Vacancy / Maint / Mgmt: −$16,093
• Net cashflow: $30,195

Break-even live

Break-even rent $38,413

Max offer price $4,950,000

Occupancy floor 56%

24-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 24× units	6	1	$76,632
Total (24 units)			$76,635

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $1,237,500
• Closing costs: $148,500
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $4,950,000 Active 97 DOM
2. 2026-06-17
   days on market $4,950,000 Active 96 DOM
3. 2026-06-16
   days on market $4,950,000 Active 95 DOM
4. 2026-06-15
   days on market $4,950,000 Active 94 DOM
5. 2026-06-13
   days on market $4,950,000 Active 92 DOM
6. 2026-06-13
   days on market $4,950,000 Active 91 DOM
7. 2026-06-09
   days on market $4,950,000 Active 88 DOM
8. 2026-06-08
   days on market $4,950,000 Active 87 DOM
9. 2026-06-07
   days on market $4,950,000 Active 86 DOM
10. 2026-06-04
    days on market $4,950,000 Active 83 DOM
11. 2026-06-03
    days on market $4,950,000 Active 82 DOM
12. 2026-06-02
    days on market $4,950,000 Active 81 DOM
13. 2026-06-01
    days on market $4,950,000 Active 80 DOM
14. 2026-05-31
    days on market $4,950,000 Active 79 DOM
15. 2026-03-13
    listed $5,795,000 Active 374-char remark

    Show marketing remark (374 chars)

    24 - Unit Apartment Complex located in the heart of Glendale, and within walking distance to the Americana and Glendale Galleria. This property features 6 - 1 Bedroom, 1 Bathroom, 6 - Bachelor, 1 Bathroom, and 12 - Studio, 1 Bathrooms. Sub panels and Main panels have all been upgraded in 2024. Convenient access to 5 and 134 Freeways. Property is clean and well maintained.

16. 2005-04-22
    soldstatus $1,750,000
17. 1990-12-31
    soldstatus $100,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $27,907 · $2,326/mo
• Projected year-2 tax: $37,620 · $3,135/mo
• Expected delta: +$9,713/yr (+$809/mo · 34.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥97°F today · 22 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 8 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $919,620
• − Mortgage interest: −$277,277
• − Property taxes: −$27,907
• − Insurance: −$24,750
• − Repairs & maintenance: −$73,570
• − Management: −$73,570
• − Depreciation: −$144,000
• Taxable income: $298,547
• Est. tax owed @ 24.0%: −$71,651
• After-tax cash flow: $290,692/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Glendale Unified
• NCES district ID: 0615240
• Math proficiency: 53% ▼ -1.00%
• Reading proficiency: 66% ▲ 2.00%
• Median HH income: $58,064
• Composite: 51.38/100
• National rank: #1733
• State rank: #81 of 517 in CA

Livability — Glendale

• Score: 72/100
• State rank: #201
• US rank: #6508

Category grades

Amenities A+ Commute A+ Cost of living F Crime C Employment B+ Housing C+ Health & safety C- User ratings D+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Glendale, CA
• County: Los Angeles County · 9,444,647 people
• City population: 172,545
• Metro: Los Angeles-Long Beach-Anaheim, CA
• Population (ZIP): 17,857
• Household income: $74,144
• Rent vs Own: 93.3% rent · 6.7% own
• Severe rent burden: 1864.0

Population outlook (Los Angeles County) Hauer SSP2

• Today (2025): 10,940,515 people
• By 2030: 11,256,481 · +2.9%
• By 2040: 11,729,929 · +7.2%
• By 2050: 11,948,407 · +9.2%
• By 2075: 11,818,114 · +8.0%
• By 2100: 10,842,928 · -0.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 44% Hispanic / Latino 37% Asian 15% Two or more races 7% Black 2%
• Hispanic origin (detail): Mexican 25%
• Common ancestry: Romanian 1% Scotch-Irish 1% Italian 1%
• Foreign-born: 56% · Canada, South Korea, Jamaica
• Languages at home: 26% English-only · Spanish 31% Other Indo-European 29% Tagalog/Filipino 7%

Political lean MEDSL · Los Angeles

• 2024 margin: Solid D (+32.9) · D 64.8% · R 31.9% · Other 3.3%
• 2008→2024 swing: -7.4pp toward R · 2008: 40.4pp · 2024: 32.9pp
• All cycles: 2024: D+32.9 2020: D+44.2 2016: D+48.0 2012: D+40.0 2008: D+40.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -3.92%
• Current HPI: 434.5957
• Rent YoY: ▼ -1.95%
• Metro: Los Angeles-Long Beach-Anaheim, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

+5695.0% since first listed

3 events — show timeline

• 2026-03-13 Listed $5,795,000 CRMLS
• 2005-04-22 Sold (Public Records) $1,750,000 Public Records
• 1990-12-31 Sold (Public Records) $100,000 Public Records

Property tax history

+1.6%/yr

Latest (2025): $27,907 · +1.0% YoY. Source: county tax records.