28 Argonne
Welcome to your weekly listing update. This report examines market activity, listing performance, days on market trends, and the key factors influencing your listing.
28 Argonne Avenue
Executive Summary
This Week's Activity
Marketing activity and buyer engagement during the week ending April 23, 2026.
Listing History & Context
Full transparency on the 287-day cumulative history. Any sophisticated buyer will see the CDOM number on MLS and research the prior contract activity — getting ahead of the story positions us from strength rather than defense.
| Date | Event | Price | Change |
|---|---|---|---|
| Jul 8, 2025 | First listed (MLS PW25151467) | $1,795,000 | Original list |
| Aug 16, 2025 | Price reduced | $1,759,000 | −$36K / −2.0% |
| Mar 2, 2026 | Accepted offer — went Under Contract | $1,759,000 | Contract |
| Mar 26, 2026 | Escrow cancelled — returned to Active | $1,759,000 | Fell out |
| Apr 1, 2026 | New MLS listing opened (PW26070133) | $1,759,000 | Re-listed |
| Apr 23, 2026 | Current status — Active, 21 days on current listing cycle | $1,759,000 | CDOM: 287 |
Financing Environment
April 23, 2026
The 30-year fixed-rate mortgage declined for the second consecutive week to 6.23% — the lowest level across the last three spring homebuying seasons. One year ago, the benchmark was 6.81%, representing a 58 basis point year-over-year improvement.
Implication for investor buyers: Non-owner-occupied 2–4 unit residential financing typically prices 50–75 basis points above the PMMS benchmark, which means qualified investors are currently seeing rates in the mid-to-high 6s on conventional investor loans. Every 25 bps of rate decline meaningfully improves debt service coverage math on a property like 28 Argonne.
Recent Belmont Shore multifamily closings confirm buyer activity is healthy at current rates. Three of the four recently closed comps used financing (two Cash-to-Loan, one Conventional), with just one all-cash transaction. Declining rates support continued investor engagement.
Supply & Demand Analysis
- • 4 active multifamily listings in Belmont Shore ($1.5M–$1.9M range)
- • Active price range: $1,549,000 – $1,895,000
- • Subject ranks #2 of 4 by list price
- • Two of three competing actives cut prices this month:
- – 143 Pomona: −$155,000 (−8.9%) on April 2 — largest cut in the segment
- – 150 Saint Joseph: −$55,000 (−2.8%) on April 6
- • Both reduced listings still sitting at 50 CDOM with no offers
- • 4 recent closings in Belmont Shore multifamily over the past 6 months
- • Closed price range: $1,275,000 – $1,625,000
- • 140 St. Joseph closed in 8 days at 98.5% of list (last week)
- • Mispriced listings took 90–132 DOM and closed 3–10% below list
- • All four closings involved financing or Cash-to-Loan structures
Belmont Shore Multifamily Competitive Set
| Address | List Price | Units | $/Unit | DOM | Status |
|---|---|---|---|---|---|
| 150 Saint Joseph | $1,895,000 | 5 | $379,000 | 50 | Reduced from $1,950K |
| 28 Argonne Ave — YOUR LISTING | $1,759,000 | 4 | $439,750 | 21 | Active |
| 143 Pomona | $1,595,000 | 3 | $531,667 | 50 | Reduced from $1,750K |
| 69 Glendora | $1,549,000 | 4 | $387,250 | 21 | Active |
Subject is priced in the middle of the active set on a per-unit basis ($440K/unit). Both properties above subject's price have taken meaningful reductions in April and are still sitting at 50 CDOM without offers. Subject, priced below both, received an accepted offer at current asking in March.
| Address | List | Sold | Units | DOM | Close |
|---|---|---|---|---|---|
| 140 Saint Joseph | $1,650,000 | $1,625,000 | 3 | 8 days | 98.5% of list • 4/16/26 |
| 75 Granada | $1,299,000 | $1,275,000 | 4 | 90 | 98.2% of list • 4/3/26 |
| 120 Granada | $1,525,000 | $1,380,000 | 3 | 36 | 90.5% of list • 11/14/25 |
| 267 La Verne Ave | $1,575,000 (orig. $1,875K) | $1,525,000 | 4 | 132 days | 96.8% of final list • 10/30/25 |
The closed-comp pattern tells a consistent story: properties priced correctly out of the gate close quickly at near-list values (140 St. Joseph in 8 days, 75 Granada at 98% despite tenant-occupied). Properties that overprice get punished (267 La Verne required a $300K cut from original list and 132 days; 120 Granada closed 9.5% below list). Subject is positioned to follow the first pattern rather than the second.
Investment Positioning
How the subject frames up against the comp set on the metrics investor buyers actually care about.
Strategic Recommendations
Multifamily investors spend weeks underwriting before they write. Continue the proactive follow-up cycle with each inquiring party — send an updated pro forma, offer to walk the exterior, and invite questions on the rent roll. The goal for the next 14 days is to convert at least one inquiry into a subject-to-inspection offer, which opens interior access and starts the real negotiation.
Delivering three of four units vacant at close is the single most differentiating feature of this listing. Any investor doing a cross-comp with the active set should come away understanding that subject is the only asset in the segment that allows an immediate rent reset on 75% of the property on day one — eliminating the multi-year wait for natural turnover that the other listings require.
Any investor who researches this property will see the 287 CDOM and will ask about the prior contract activity. Get ahead of the question with a prepared, honest answer: a qualified buyer was under contract at current list price in March, and the cancellation was unrelated to property condition, title, or appraisal. Framed this way, the contract history becomes an asset — confirming market validation of the current price — rather than a liability. Align messaging across all buyer conversations so the story is consistent.
The jump from $84K actual to $122K pro forma is large, and investors will probe it. Prepare a one-page rent comparison showing what comparable 1BR and 2BR units in Belmont Shore are actually renting for today — this converts the pro forma from a seller's wish to a defensible underwriting case. Recent CoStar or RentCafe pulls for the zip code would reinforce the point.
With two of three competing actives already reduced this month and still sitting at 50 CDOM, the segment is signaling a softer bid for upper-end multifamily. Subject does not need to react — current pricing is already market-validated. However, if 150 Saint Joseph cuts again toward $1,795K–$1,810K, the top of the active set resets and we revisit. On the current listing cycle, hold $1,759,000 through approximately day 45 (mid-May) before considering any price action.
Market Verdict
The Belmont Shore multifamily market is actively separating right-priced quality from overpriced inventory. Two of the three competing active listings reduced prices this month — one by nearly 9% — and both remain unsold at 50 CDOM. Subject has not had to follow that pattern because the current $1,759,000 list was already validated in March by a fully-executed contract that entered escrow. The three-unit vacancy delivery is the single most compelling feature an investor will find in the active set, and the March contract confirms that a qualified buyer was persuaded by the full thesis at current pricing. At 21 days on the current listing cycle with inquiries active, the work this week is conversion: moving interested investors from information-gathering into written offers. When the CDOM question comes up, the March escrow is our answer — framed correctly, it works in our favor.