SUCCESS STORY
Sold in 90 Days at 5.36% CAP & 12.80 GRM in Glendale
440 W. Milford Avenue
The property owner, a long-standing client of Kenny's, aimed to diversify his investments by stepping back from some of his CA real estate assets.
Price
$
4,200,000
City
Glendale
Current Cap Rate
5.36
%
Price P/ Unit
$
350,000
Lot Size
14,554
SF
440 milford
About the Property
440 W. Milford was a 12-unit complex on a 14,500 SF double lot located 0.8 miles from The Americana. Built-in 1979, the 2-story complex features (5) 2-bdrm. and 2-bath units, (1) 2- bdrm. unit, and (6) 1-bdrm. units. Property amenities include approx. 18 covered parking spaces, balconies for select units, and controlled access. 440 W. Milford was under a mile from The Americana, Glendale Galleria, and a wide array of popular retailers, cafes, and restaurants along Brand Boulevard.
Price
$
4,200,000
City
Glendale
Current Cap Rate
5.36
%
Price P/ Unit
$
350,000
Lot Size
14,554
SF
Background
440 W. Milford was a charming 12-unit courtyard-style complex located in a family-oriented neighborhood in Glendale. The property owner, a long-standing client of Kenny's, aimed to diversify his investments by stepping back from some of his California real estate assets. This decision made 440 W. Milford an appealing opportunity for new investors, particularly those interested in Glendale’s landlord-friendly rental environment. Compared to the City of LA, Glendale offers more flexibility and control to landlords, with less stringent rent control, fewer eviction restrictions, and lower relocation fee requirements.
Result
We launched this listing right in the thick of election season. With 90 days until Election Day, many investors we spoke to were holding back, waiting to see how new, potentially game-changing legislation might play out. However, given the success of a previous Glendale listing we sold a few months earlier, we were confident that the interest was there. We strategically targeted our marketing to attract a local, experienced buyer who preferred Glendale over LA for investments—and it paid off. Just 2 weeks into the listing, we connected with an agent representing a buyer who already owned several properties in the area and had multiple projects in development. 60 days later, escrow closed at 95% of the listed price - $4,200,000.
