Glendale, Pasadena & Burbank Apartment Buildings: For Sale and Recently Sold

Apartment buildings in the GPB corridor average $319,435 per unit across the apartment sales within 53 closed transactions. Burbank ranks among the highest at $372,731 per unit due to entertainment industry proximity, while Pasadena averages $300,727 per unit and Glendale trades at competitive market rates. South Pasadena's school district premium pushes pricing above the submarket average.

Cap rates in the GPB submarket average 3.91% across the 42 apartment sales with a recorded cap rate within 53 closed transactions. Pasadena averages 4.09%, while Burbank averages 3.88%. Stabilized assets in prime locations trade at 3.5-4.5%, while value-add opportunities in eastern Pasadena can offer 5-6% going-in yields with upside potential.

Glendale, Pasadena, and Burbank are independent cities not subject to the Los Angeles RSO, and their rules differ. Pasadena has its own rent stabilization under Measure H, approved by voters in 2022: multifamily buildings built before February 1, 1995 are limited to annual increases of 75% of the change in the Los Angeles area CPI, set each year by the city's Rental Housing Board, with a rental registry and just-cause eviction rules. Glendale and Burbank rely on AB 1482 for rent caps (5% plus CPI, max 10%, for buildings 15+ years old). Glendale's Rental Rights Program adds just-cause eviction and relocation assistance rules, and Burbank requires three months' rent in relocation assistance on a no-fault eviction.

The GPB corridor benefits from unique demand drivers that insulate it from broader market cycles. Burbank's entertainment studios (Disney, Warner Bros., NBCUniversal) generate steady high-income rental demand. Pasadena's Caltech, JPL, Art Center, and Old Town retail corridor attract diverse tenant pools. Glendale's strong Armenian-American community and retail economy support consistent occupancy. All three cities sit outside the City of Los Angeles, so neither the LA RSO nor the Measure ULA transfer tax applies, though Pasadena has its own rent stabilization under Measure H.

The LAAA Team has closed 53 transactions totaling $134.5M in the GPB corridor since 2012. Pasadena leads with 22 deals ($58.1M), followed by Burbank (13 deals, $37.4M), Glendale (5 deals), South Pasadena (3 deals), and Pomona (3 deals, $10.4M). The team's experience spans the full range of product from small 4-unit buildings to larger institutional-quality assets.

The GPB submarket features a wide range of apartment stock: 1920s-1940s courtyard buildings in South Pasadena and central Pasadena, 1950s-1960s garden-style complexes along Colorado Boulevard and Brand Boulevard, and newer infill construction near Metro Gold Line stations. Building sizes range from 4-unit fourplexes to 30+ unit complexes. Burbank's stock tends toward smaller, lower-density buildings in residential neighborhoods, while Pasadena offers both small and mid-size complexes.