15 Units Sells for $200k Less Than Appraised Value
So you think it's impossible to find a great deal?
Garden style apartment in an up-and-coming neighborhood of South Glendale with 15 separately metered and recently remodeled units. 10 covered parking spaces.
Current CAP 4.8%
Current GRM 14.75%
Price p/ Sq. ft. $368
Price P/ Unit $238,333
We represented the buyer, who was hoping to find an amazing off-market deal. This listing had been sitting on the market for months so we were able to negotiate a much better price.
The property appraised at $200k above the purchase price, which is a very rare occurrence. The Buyer couldn’t be happier with this great addition to their portfolio, having only paid $210k per unit in an up-and-coming Glendale neighborhood.