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3752 Glendon Avenue
SOLD

The Estate Of Maira Dizgalvis Sells Multifamily Property In Los Angeles For $7.7M

3752 Glendon Avenue

MultiFamily
23,583 SF
clock iconSold 133 days ago
Nicole Apostolos
Dana Coronado
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Summary

Sale
CALIFORNIA
MultiFamily
23,583 sqft

The multifamily property located at 3752 Glendon Avenue in Los Angeles has been sold. The property consists of 21 units, with an average size of over 1,000 square feet each, ranging from 2 to 4 bedrooms. The sale price for this property was $7,700,000, resulting in a price per unit of $366,667. The total square footage of the property is 23,583, with a price per square foot of $327.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $7,700,000
  • Units: 21
  • Price per Unit: $366,667
  • Square Footage: 23,583
  • Price per Square Foot: $327

The sellers of the property were The Estate Of Maira Dizgalvis, represented by Kathy Brown. The brokers involved in the transaction were Dana Coronado and Nicole Apostolos from Equity Union Commercial.

During the escrow process, original building plans were discovered, revealing that the building was designed by well-known mid-century modern architect Richard Kearney. The units in the property are exceptionally spacious, averaging over 1,000 square feet each. All units consist of 2 to 4 bedrooms. The property offers a significant upside potential in rents, with over 75% of potential rental income yet to be realized.

The high number of offers generated for this property is indicative of the limited availability of AB 1482 properties in the City of LA. Despite high interest rates, there continues to be strong demand for sizable, value-add buildings with significant potential for growth.

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Nicole Apostolos's profile picture
Nicole Apostolos
Equity Union Real Estate-image
Senior Investment Advisor
$11.7M Sold

Details

Deal Summary
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SOLD
IMAGE: Dana Coronado & Nicole Apostolos DATE: 01/31/2024 ADDRESS: 3752 Glendon Avenue MARKET: Los Angeles ASSET TYPE: Multifamily SELLER: The Estate Of Maira Dizgalvis - Kathy Brown BROKERS: Dana Coronado (@DanaCoronadoincomepropertiesla) & Nicole Apostolos (@Nicole_Apostolos) - Equity Union Commercial SALE PRICE: $7,700,000 UNITS: 21 ~ PPU: $366,667 SF: 23,583 ~ PPSF: $327 NOTE FROM BROKERS: Probate sale, first time on the market ever. Sold for 99% of the asking price with 7 offers generated for the Seller. During escrow, original building plans were found, indicating that well known mid-century modern architect Richard Kearney designed the building. Units are extremely spacious and average over 1,000 SF each, and all units are between 2-4 bedrooms. Over 75% upside in rents! The number of offers received is directly representative of the lack of inventory for AB 1482 properties in the City of LA. Even with high interest rates, there is still significant demand for large, value-add buildings with achievable upside.

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Address3752 Glendon Avenue

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