A LA Multifamily success story in Glendale
3rd Glendale Sale in the Last 6 Months
327 S Madison Way
This sale represents the 2nd highest per-unit sale in Glendale over the past 12 months and marks our 3rd sale in Glendale within the last 6 months.
Offering Price
$3,610,000
City
Glendale
Current CAP
5.21%
Price per unit
$451,250
Lot Size
10,134 SF
327 S Madison
Offering Price
$3,610,000
Number of Units
8 Units
Bldg. Size
11,305 SF
Price per Foot
$319
Year Built
1983
Market CAP
6.52%
Zoning
GLR3
Background
Built in 1983, 327 S Madison featured (8) 2-bdrm. and 2.5-bath townhouse-style units with direct access to a private 2-car garage, central A/C, in-unit laundry, and a private patio. Each bright and spacious townhome averaged approx. 1,413 SF, and tenants are responsible for paying the costs of gas, electric, and water. Ownership invested $200,000+ in capital improvements, and have upgraded several of the units with wood laminate flooring, updated cabinetry/backsplash, stainless-steel appliances, and recessed lighting. In addition, this turnkey property features a new roof installed in 2019 and new decks in 2020.
Ownership had invested $200,000 in capital improvements, including renovated interiors, a new roof installed in 2019, and new decks in 2020. Growing fearful of growing anti-landlord legislation in Los Angeles, the Sellers made the decision to cash out. With limited flexibility on price due to the upgrades, ownership sought premium pricing.
Result
Our initial marketing campaign generated significant interest, with 5,500+ email opens and 350+ marketing package views. Escrow opened in mid-December with an outside agent representing a local buyer expanding their portfolio. Despite challenges posed by the ongoing wildfires, we navigated inspections seamlessly and closed escrow in just over 30 days at $3,610,000. This sale represents the 2nd highest per-unit sale in Glendale over the past 12 months and marks our 3rd sale in Glendale within the last 6 months.
