330 E Dryden St

Glendale, CA 91207

$5,000,000C+

36 bd · 36.0 ba · 21,020 sqft · Built 1961 · MultiFamily · Active · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $50,134/mo
• Mortgage (P&I): −$26,221
• Tax + insurance: −$3,181
• HOA: −$0
• Vac / Maint / Mgmt: −$10,528
• Net cashflow: $10,204/mo
• Annual: $122,448/yr
• Cap rate: 8.74%
• Cash-on-cash: 8.75%
• DSCR: 1.39
• 1% rule: 1.00%
• Cash to close: $1,400,000

Investor read

• This is a 18 × 2-bed/2.0-bath units multifamily listed at $5.00M.
• At list price, monthly cash flow is $10k ($122k/yr) — positive. Per door: $567/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($50k rent vs $5.00M).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $35k of equity ($35k loan paydown + $50 appreciation (0.0% local appreciation)).
• 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 falling (-11.3%/yr); 28 active listings in the ZIP; high-income renter base; 19,697 units permitted in Los Angeles County in 2024 (9,426 in 5+ unit buildings).
• Los Angeles County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (0.0% appreciation + 0.0% rent growth), your $1.40M cash investment doubles in ~9 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$306k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.7% 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.
• At $50,134/mo this rent would consume 509% of the median local household income ($118k/yr) (locally 873% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.