SoldBroker Activity · Entry № 137

A Glendale Strip Center Sold for Less Than Its Mortgage

The seller appears to have pulled out too much cash. The buyer may have acquired a $576,000-a-year income opportunity.

PublishedAugust 27, 2026
StatusSold · Just Closed
DatelineThe Tape · Glendale, Los Angeles
1700 W Glenoaks Blvd hero photo
LISTING PHOTO VIA COSTAR.
Four takeawaysFour things an operator notices in this Glendale retail trade
  1. The trade.$4,367,500 recorded August 14, 2026, $272.97 per foot on 16,000 gross SF of two-story built in 2006, on 20,996 SF of land.  Recorded sellers are Zareh Issakhanian and Hratch Manuelian. The buyer is not named in the record.
  2. The loan is bigger than the price.CoStar records a first mortgage from Golden State Bank, conventional, with a balance of $4,500,000 against a $4,367,500 sale. That is $132,500 more debt than purchase price.
  3. The assessor is at double the price.Assessment at sale was $8,584,423 total, $536.53 per foot, split $6,158,739 improvements and $2,425,684 land. The building sold for $272.97 a foot. 
  4. No Income on Record.  Named tenants are Sasoun Bakery at 2,777 SF, Glenco Medical at 560 SF, Micronics Networking at 400 SF and Beneficial Commercial Capital at 240 SF, plus Original Kabob Factory and seven others.  
Deal Stats · 1700 W Glenoaks Blvd
Sale Price
$4,367,500
closed Aug 14, 2026
Price / SF
$272.97/SF
on 16,000 gross SF
Price / Land SF
$208.02/SF
on 20,996 lot SF
Loan Amount
$4,500,000
Golden State Bank, conventional
LTV (Implied)
~103%
loan exceeds sale price
Year Built
2006
masonry, 2 stories
Lot SF
20,996 SF
0.48 acres
Zoning
GLC3-R4*
commercial + multifamily overlay
Parking
24 covered stalls
1.5 per 1,000 SF
Hold Period
19 months
seller: Zareh Issakhanian
Transfer Tax
$4,804
recorded Aug 14, 2026
ULA Status
Below Threshold
Measure ULA not triggered

What an Operator Sees

1700 W Glenoaks closed at $4,367,500 — $272.97 a foot — with a Golden State Bank first mortgage still showing a $4,500,000 balance. That is $132,500 more debt than purchase price. Assessment at sale was $8.58 million. No NOI, no T-12, no rent roll on the tape.

Named tenants are still on the directory, but income is not disclosed — so I am not inventing a cap.

For Glendale/Burbank retail owners, the second-order story is the seller's balance sheet: when recorded debt exceeds the cleared price, someone already pulled cash the building could not support. The buyer's opportunity is a reset basis under a bloated assessment — and nearby lenders should notice how thin that equity looked at the finish line.

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Property and transaction data: CoStar Research.

The real story here is what happened to the seller and what could happen for the buyer.


This 16,000-square-foot Glendale strip center sold for $4,367,500, or $272.97 per square foot. 

But public records show a $4.5 million first mortgage against the property at $132,500 more than the sale price itself.

It appears the previous ownership pulled cash out of the property, then reached a point where the building could no longer support the debt or qualify for a new refinance. Assuming the loan had not been paid down, the seller likely had to bring money to closing after paying the loan, brokerage commissions, transfer taxes and other costs. 

That means a 19-month ownership period may have ended with a real loss.

But the buyer may be looking at a completely different story.

At a $4.37 million purchase price, the buyer is acquiring the building for about $272 per square foot well below its recorded assessed value and likely below replacement cost. 

If the approximately 16,000 square feet can eventually produce an average of $2-3 per square foot per month on a triple-net basis, the property could generate roughly:

$32,000 to 48,000 per month
It can get to an 8-10 Cap!

Even after allowing for some vacancy and expenses, stabilized income near $500,000 could support a value of roughly $7.1 million at a 7% cap rate or approximately $7.7 million at a 6.5% cap rate.

That is the potential opportunity: buy the building at $4.37 million, stabilize the tenancy, gradually move rents toward $3 NNN and create several million dollars of additional value.

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Property and transaction data: CoStar Research.

Written from the field

David Safai, operator, developer, GC.

Atlas Home Builders, Inc. is a Los Angeles owner-operator and general contractor. If you are a broker with a listing you want an honest read on, send the OM and the T-12 to David@AtlasBrief.La.

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