SUCCESS STORY
8 Units in Glendale Sold in 75 Days @ 11.32 GRM
120 S Belmont St.
The owners waited out a pre-payment penalty. 12 months later, they got their ideal price. View the success story below.
Price
$
2,680,000
City
Glendale
Current Cap Rate
5.88
%
Price P/ Unit
$
335,000
Lot Size
7,498
SF
120 S Belmont
About the Property
120 S Belmont St. checks all the boxes for investors looking for a well-maintained asset in a highly desirable rental pocket of Glendale. Most units are large 2-bdrm. units averaging approx. 1,000 SF, featuring spacious layouts, oversized windows, and excellent natural light. The building has been well cared for and includes gated access, 8 carport parking spaces with storage lockers, and minimal landscaping for low operational overhead. With solid existing income, potential for light cosmetic improvements, and a tenant base supported by nearby law, finance, and entertainment employment hubs, 120 S. Belmont is an ideal asset for investors seeking reliable growth in one of LA's most resilient submarkets.
Price
$
2,680,000
City
Glendale
Current Cap Rate
5.88
%
Price P/ Unit
$
335,000
Lot Size
7,498
SF
Background
When we first met the owner of 120 S. Belmont St, the timing wasn't right. They were referred to us by a CPA, and after conducting return-on-equity analysis; we determined that a pre-payment penalty would hinder the sale. Rather than walkaway, we stayed in touch; sharing market updates, reviewing comps, and helping the Seller prepare for the right moment. Fast forward one year, and that patience paid off. The Seller saved $30,000 in pre-payment penalties, and we were ready to bring the property to market.
Challenge
We priced ambitiously, offering the deal at a 5.37% CAP and 12.47 GRM; knowing that a Glendale-focused buyer would value the condition, location, and income profile. We didn’t just rely on email blasts and LoopNet; we went old-school. We called every buyer who had acquired in Glendale over the last two years. That’s how we found the match; a buyer who had purchased a building nearby last year.
Result
But, as is often the case in a 60-year-old building, surprises emerged. The electrical panel was outdated and uninsurable, and ADU permits had expired. After some back-and-forth, we secured a credit that satisfied both parties. In addition, we worked with the City to reinstate the ADU plans; helping the buyer visualize a higher-performing asset from day one. Ultimately, the property closed at $2,680,000, with a 60-day escrow and 90 days from list to close.
