327 S. Madison was a turnkey townhouse complex featuring (8) 2-bdrm, 2.5-bath townhouse-style units with private 2-car garages, central A/C, in-unit laundry, and private patios. Current ownership has 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.
About The Property
Stats
Price $3,610,000
Current CAP 5.21%
Proforma CAP 6.52%
Price P/ Unit $451,250
Background
Built in 1983, 327 S. Madison is a turnkey townhouse complex featuring (8) 2-bdrm, 2.5-bath townhouse-style units with private 2-car garages, central A/C, in-unit laundry, and private patios. 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.
Challenge & 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.
