1001 Melrose Call for Offers
With remarkable views of the Verdugo Mountains to the north and equally impressive views of Downtown Glendale to the south, 1001 Melrose is in a prime residential neighborhood that is minutes from Glendale's downtown skyscrapers, world-renowned shopping, and many restaurants, bars and cafés.
1001 Melrose consists of 63 non-rent controlled units built in 1962 utilizing classic mid-century architecture. Designed around a central courtyard swimming pool, the property features a favorable unit mix that includes 24 studio units, 18 one-bedroom units, 17 two-bedroom units, 3 three-bedroom units and 1 penthouse unit. Residents can relax or work out in comfort, security and luxury with community amenities that include a heated swimming pool with poolside lounge chairs and umbrella covered tables, a rooftop fitness center and lounge with sweeping views of the Verdugo Mountains, and a game room with a billiards table, high-speed internet, flat screen television and a kitchen. Other amenities include covered parking, controlled-access entry, laundry facilities with pre-payable charge cards, a business center, self-storage units for lease, and a secure package delivery system that communicates with residents via smart phone.
IMPROVEMENTS ALREADY IN PLACE
Much like the Glendale real estate market itself, 1001 Melrose has undergone a modernizing transition. Current owners have spent over $1.3M on structural CAPEX over the last four years on the property which boasts a prime Glendale location just a few blocks north of the 134 Freeway. With a favorable unit mix of studios, 1-bedrooms, 2-bedrooms, and 3-bedroom units, the upside of the property is the tremendous value-add potential.
SIGNIFICANT UPSIDE AVAILABLE
With structural CAPEX already in place, new owners could renovate the unit interiors and modernize building amenities to capitalize on the rising rent rates of the area while realizing the benefits of the property which already exist: large rooftop space, beautiful curb appeal and unique architectural flow, and breathtaking views of the Verdugo Mountains, Downtown Glendale and Burbank.
The property currently boasts a full list of interior and exterior common area amenities such as a heated swimming pool, a rooftop fitness center, on-site laundry and parking, two lounge areas for residents and updated kitchen and bathrooms. Each of these amenities could easily be