Our Glendale income property listings sold.
If a potential investor were tearing down and building Glendale townhomes, the combined over ninety foot frontage allows for a bump up in density. Therefore, we thought the likely buyer of these two side by side fourplexes would be a developer. However, to hedge our bets, we still hired a measurer to develop a floorplan. Although the buildings have some deferred maintenance, the floorplans are very nice. Most of the units had front and back doors, hardwood floors and a dressing area outside the bathroom.
Each building is four units. We listed 432 Ivy Street for $1,350,000 and it closed at asking price. The monthly rents were very low, $4,085 which impacted offers and the value. The monthly rents at 438 Ivy Street were even lower – $3,575. We listed at $1,200,000 and sold to the same buyer at asking price. This was a trust sale and the trustees were a pleasure to get to know. The buyer’s agent and lender were very professional and easy to deal with.
Now that this Glendale income property sold, the buyer intends to remodel the units and raise the rents to market value. This is one of the biggest problems of being a tenant, a lack of security.