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.
$400,000 PPU Sale in Glendale
1422 Maple Street, Glendale
Price Paid: $2,967,000
About The Property
Current CAP 4.36%
Price p/ Sq. ft. $449
Price P/ Unit $423,857
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.
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.
“It was truly a pleasure working with Kenny. He is professional, honest, hardworking and most importantly did what he said he would. Kenny sold the property at list price in less than 60 days from start to finish.”
Speaking for myself and everyone involved, you were absolutely the best broker we could have selected to market our portfolio. You found an incredible buyer and were able to guide us through so many challenges, including a global pandemic, and secured us a price beyond our expectations.
I wanted to reach out and thank you for donating a share of your Ridgewood commission to A Place Called Home. When Selwyn told me that he had asked, and you agreed I was overwhelmed. A Place Called Home ( APCH) is a cause dear to my heart. I have sat on the board for the last five years and this June I will become the Chairwoman. Thank you for your great service, and I look forward to many more deals down the road.