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327 S Madison Way
For Sale $3,675,000 ($325.08 per Sq Ft)
$3,675,000 ($325.08 per Sq Ft)
- 8 Units
- 11,305 Sq Ft
- 10,137 Sq Ft
- Unknown Cap Rate
Description
Built in 1983, 327 S. Madison features (8) 2-bdrm. and 2.5-bath townhouse-style units with direct access to a private 2-car garage, central A/C, in-unit laundry, and a private patio. Each bright and spacious townhome averages approx. 1,413 SF, and tenants are responsible for paying the costs of gas, electric, and water. 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. We are offering 372 S. Madison at $325 per foot, the lowest PPSF compared to ales of similar properties in the area over the last 12 months. The property presents approx. 19% rental upside compared to market rents for renovated units in the area. At the list price, the property will stabilize at a 6.20% CAP and 11.19 GRM. This townhouse-style complex is located just east of Glendale Ave, the property is approx. 1.4 miles from The Americana, Glendale Galleria, Glendale Fashion Center, and an array of dining and entertainment options along Brand Blvd. In addition, 327 S. Madison sits steps from a recently completed 96,000 SF media facility by East End Studios.
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Amenities
Garage
Pool
Garden
Security System
Internet
Telephone
Heating
Fireplace
Balcony & Patio
TV / Cable
Laundry
Hardwood Floors
Spa
Air Conditioning
Solar Power
Floor Plan
Great Views
Natural Light
Quiet
Water View
Elevator
Guest Unit(s)
Furnished
220 Volt
Property Details
| List Price | $3,675,000 |
| Property Type | Multi-Family |
| Usable Sqft | 11,305 |
| Number of Stories | 2 stories |
| Parking Spots | 0 spots |
| Year Built | 1983 |
| Last Sold | Unknown |
| Sold Price | Unknown |
| APN # | 5677001002 |
| MLS # | 24471043 |
| Property ID | 321108053 |
| Lot Sqft | 10,137 |
| Zoning | GLR3* |
| Total Units | 8 |
| Days on Market | 12 |
| Original List Price | $3,675,000 |
| Date Updated | December 18, 2024 |
| Date Created | December 10, 2024 |
| Unit # | Beds | Baths | Current Rent | Proforma Rent |
| Unit #1 | 2 | 2.50 | $2,861 | $27,200 |
| Gross Income (Yr) | $ 271,249 |
| Operating Expenses | $ 83,966 |
| Net Income (Yr) | $ 187,283 |
| Cap Rate | 5.10% |
Listing Provided By
Kenny Stevens an agent of . Lic #01090251
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