George Ouzounian & Gina Michelle Acquire Multifamily Property In Glendale For $2.115M As Buyer's Reps

The multifamily property located at 427 East Acacia Avenue in Glendale was sold for $2,115,000, representing a price per square foot of $458. The property, along with its neighboring building at 421 E Acacia Avenue, offers potential for increased rental income under AB 1482 regulations, with rents currently below market rates for the area, surrounded by a vibrant mix of shopping, dining, and entertainment options in historic Adams Square and along Glendale Avenue and Brand Boulevard.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $2,115,000
• Square Footage: 4,618
• Price per Square Foot: $458
• Address: 427 East Acacia Avenue, Glendale
• Market: Glendale

George Ouzounian and Gina Michelle of The Agency represented the buyer in the transaction, while Rick Raymundo of Marcus & Millichap served as the seller's representative. The property presents a promising investment opportunity with unrealized rental potential due to current rents below market rates, situated amidst a bustling area offering various amenities and attractions for residents.