719 Orange Grove entry with stairway access and mature tree coverage along walkway.

SUCCESS STORY

$5.575M Glendale Sale at 4.83% CAP & 13.93 GRM

719 Orange Grove Avenue

1 month into the listing, we identified an exchange buyer who closed escrow in 90 days at 99% of the listed price.

Offering Price
$5,575,000

City

Glendale

Current CAP

4.83

Price per unit

$398,214

Lot Size

13,499 SF

719 orange grove

About the Property

719 Orange Grove is a courtyard-style complex located 0.7 miles from The Americana and features a majority of 2-bdrm. and 2 bath units. Built in 1988, the property features an enticing unit mix of (12) 2-bdrm. and 2-bath units, (2) 1-bdrm. units, and a non-conforming studio unit. Most units feature wood-laminate flooring, stainless-steel appliances, central air conditioning, and private balconies. Please note that the City of Glendale currently allows an 8.8% annual rental increase (5% + CPI).

Offering Price

$5,575,000

Number of Units

14 Units

Bldg. Size

11,862 SF

Price per Foot

$470

Year Built

1988

Market CAP

5.91

Zoning

LAR3

Background

719 Orange Grove, a courtyard-style complex located 0.7 miles from The Americana, featured a majority of 2-bdrm. and 2 bath units. The property was near a vibrant downtown district home to several large shopping complexes, independent retailers, cafes, and restaurants along Brand Boulevard. The owner was a long-term client of Kenny's, who wanted to diversify out of some of his California real estate holdings.

719 Orange Grove entry with stairway access and mature tree coverage along walkway.
719 Orange Grove entry with stairway access and mature tree coverage along walkway.
719 Orange Grove entry with stairway access and mature tree coverage along walkway.

Result

1 month into the listing, we identified an exchange buyer who closed escrow in 90 days at $5,575,000. This sale was a PHENOMENAL win for our buyer because:

  1. He was able to execute a 1031 exchange, selling an out-of-area portfolio, and trading into a single property much closer to home.

  2. He will be increasing cash flow by streamlining operations and reducing expenses.

Also, this sale was a PHENOMENAL win for our Seller on multiple fronts:

  1. He's unburdened by upcoming legislative risks involved with CA ownership (SB-33 - Justice for Renters - click for more info).

  2. He will increase AND stabilize his cash flow by exchanging into an institutional-grade investment product outside of CA.

  3. He will be free from the stress of property management headaches.

  4. His capital gains taxes will be deferred

719 Orange Grove courtyard view featuring landscaped planters and metal stair railings.
719 Orange Grove courtyard view featuring landscaped planters and metal stair railings.
719 Orange Grove courtyard view featuring landscaped planters and metal stair railings.

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Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01991628. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. If your property is currently listed for sale this is not a solicitation.

© Copyright 2024.

Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01991628. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. If your property is currently listed for sale this is not a solicitation.

© Copyright 2024.

Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01991628. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. If your property is currently listed for sale this is not a solicitation.

© Copyright 2024.

Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01991628. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. If your property is currently listed for sale this is not a solicitation.

© Copyright 2024.