Multifamily Property in Glendale
SOLD: $1,975,000 CAP RATE: 3.81% GRM: 13.91 PRICE PER SQUARE FOOT: $280
114 E Lomita Avenue is a 10-unit multifamily property in a prime Glendale location, within walking distance of The Americana at Brand and its shopping, dining and entertainment. The building has nine one-bedroom units and one studio in approximately 7,056 square feet of building area.
Three units were delivered vacant and fully renovated at the close of escrow. The property offers approximately 65% rental upside and ADU potential, an opportunity to add units and value.
The sale closed at $1,975,000 in a 45-day escrow, or $197,500 per unit and $280 per square foot, at a 3.81% cap rate and a 13.91 GRM. David Saghian of The Saghian Group represented the buyer in the transaction.
Investment Highlights
10 units: nine one-bedroom units and one studio
Approximately 7,056 square feet of building area, sold at $280 per square foot
Three units delivered vacant and fully renovated at the close of escrow
Approximately 65% rental upside
ADU potential to add units and value
Walking distance to The Americana at Brand
Closed in a 45-day escrow
Buyer represented by David Saghian
Buyer Represented By:
David Saghian
(310) 401-1559
dsaghian@lyonstahl.com
About This Sale
The Saghian Group (Lyon Stahl) represented the buyer in the purchase of 114 E Lomita Ave, a 10-unit apartment building in Glendale, for $1,975,000. The price reflected a 3.81% cap rate, a 13.91 GRM, $197,500 per unit and $280 per square foot on approximately 7,056 square feet of building.
The building has nine one-bedroom units and one studio. Three units were delivered vacant and fully renovated at the close of escrow, and the property offers approximately 65% rental upside and ADU potential. It is within walking distance of The Americana at Brand, and the sale closed in a 45-day escrow.
David Saghian represented the buyer.
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David Saghian leads The Saghian Group (Lyon Stahl), a Los Angeles multifamily team with a $425M+ track record.