SUCCESS STORY
$400,000 PPU Sale in Glendale
1422 E Maple St.
After remodeling the units and leasing them at market rents, the owner was looking to trade into his next value-add project.
Price
$
2,967,000
City
Glendale
Current Cap Rate
4.36
%
Price P/ Unit
$
423,857
Lot Size
8,712
SF
1422 e maple
About the Property
1422 E Maple St was comprised of (1) three-bedroom and two-bath unit with private front yard, (4) two-bedroom and two-bath units and(2) one-bedroom and one bath units in the heart of Glendale. Six of the seven units have been remodeled to the studs. These spacious, open-layout units have been meticulously upgraded to include quartz and butcher block counters, new cabinets with custom fixtures and pulls, stainless steel appliances, natural color flooring throughout the entire unit (water and scratch resistant), recessed lighting, subway-tile shower and in-unit washer/dryers.
Price
$
2,967,000
City
Glendale
Current Cap Rate
4.36
%
Price P/ Unit
$
423,857
Lot Size
8,712
SF
Background
We found this value-add property in Glendale for our client two years ago. After remodeling the units and leasing them at market rents, the owner was looking to trade into his next value-add project.
Challenge
The property was listed during a very challenging time for the Los Angeles multifamily market. Despite the strong cash flow and quality of remodel, the prie per unit and price per foot was a major objection. Kenny knew he had to focus marketing on a 1031 exchange buyer who was looking for a turnkey solution versus value-add project. Throughout the listing process, Kenny held frequent property tours to that qualified buyers could appreciate the quality of the remodel.
Result
Kenny generated five offers and the seller was thrilled to accept an offer at 99% of the listed price. The seller is trading into his next value-add project, and the buyers are ecstatic to acquire a well-remodeled turnkey property that will provide them strong cash flow for years to come.
