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10/06/14
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A seven-unit multifamily property in Glendale just traded hands for $1.625 mil, the full asking price. The property, located at 518 Porter St, south of Colorado St and west of the 2 Fwy, generated 11 written offers and ultimately sold with a non-contingent offer. At this price, the transaction closed for $232.1k/unit and $266/sf.
Constructed in 1986, the property is not subject to Los Angeles rent control due to its location within the city of Glendale. The building contains a mix of four two-bedroom/one-and-a-half bathroom units, two two-bedroom/two-bathroom units, and one three-bedroom/two-and-a-half bathroom unit. The property is built in the classic 1980’s Glendale style, with 13 on-grade parking spaces below two stories of apartment units.
Salleh Beitollahi and Rick Raymundo of Marcus & Millichap Real Estate Investment Services represented the sellers, private individuals. Based on in-place income, the property sold at a 14.72 GRM and 4.50% CAP Rate.
"Prior to this, only 10 properties of 1980’s construction transacted in South Glendale since 2007," explains Beitollahi. "Demand for 1980’s product is extremely strong, as evidenced by the flood of offers and eventual winning non-contingent offer.” The buyer purchased the property sight unseen and without any inspections throughout the escrow period, which lasted less than 40 days.
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