Corner perspective of 1116 N Spaulding showing modern stucco finish and well-maintained exterior façade.

SUCCESS STORY

10 Unit Value-Add Sale in Prime WeHo

1116 N Spaulding Ave.

A Compass BH residential agent reached out to us to help the sellers cash out. Despite rising interest rates, we got this deal to the finish line.

Offering Price
$3,200,000

City

West Hollywood

Current CAP

4.41

Price per unit

$320,000

Lot Size

6,419 SF

1116 n spaulding

About the Property

Located in a prime WeHo location, just north of Santa Monica Blvd, this 10-unit value-add property was minutes from several neighborhood hubs (SM Blvd, Fairfax Ave and La Brea Ave). 1116 N. Spaulding featured (2) 2-Bdrm and 2-Bath units and (8) 1-Bdrm units. This corner lot property with alley access featured a gated subterranean parking garage with 8 parking spaces, an additional parking area with 5 spaces, a community laundry room and a new roof.

Offering Price

$3,200,000

Number of Units

10 Units

Bldg. Size

7,600 SF

Price per Foot

$421

Year Built

1965

Market CAP

8.1

Zoning

WDR2

Background

Located just north of Santa Monica Blvd & Fairfax Ave and offering significant rental upside, this 10 unit property was a "diamond in the rough" located in the heart of a highly-coveted and super-walkable neighborhood. A Compass Beverly Hills agent, who had an established relationship with the seller, reached out to KST to help the family cash out. We marketed this property in conjunction with a Spanish-style fourplex blocks from The Grove.

Corner perspective of 1116 N Spaulding showing modern stucco finish and well-maintained exterior façade.
Corner perspective of 1116 N Spaulding showing modern stucco finish and well-maintained exterior façade.
Corner perspective of 1116 N Spaulding showing modern stucco finish and well-maintained exterior façade.

Challenge

Despite the noticeable upside, potential investors felt the price was steep because the property featured a majority of long-term tenants and low rents. Additionally, we listed the property in early April, when interest rates were around 4.25%. As rates rose towards 6%, Kenny knew he had to manage the stakeholders’ expectations and identify an experienced investor unfazed by an evolving market.

Front view of 1116 N Spaulding showcasing tall palm trees and gated entry in a quiet residential neighborhood.
Front view of 1116 N Spaulding showcasing tall palm trees and gated entry in a quiet residential neighborhood.
Front view of 1116 N Spaulding showcasing tall palm trees and gated entry in a quiet residential neighborhood.

Result

Kenny identified an experienced repeat client who opened Escrow in early April. As other broker’s deals fell apart in an increasingly volatile market, Kenny’s “down market” experience helped navigate the buyer and seller to the finish line. After solving several probate/title obstacles, the deal closed at $3,200,000. The sellers were thrilled to cash out, and our buyer is delighted with the acquisition, seeing this as a massive long-term win in a premium LA rental market.

Resident garage at 1116 N Spaulding with ample parking, storage lockers, and easy vehicle access via alleyway.
Resident garage at 1116 N Spaulding with ample parking, storage lockers, and easy vehicle access via alleyway.
Resident garage at 1116 N Spaulding with ample parking, storage lockers, and easy vehicle access via alleyway.

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Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01991628. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. If your property is currently listed for sale this is not a solicitation.

© Copyright 2024.

Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01991628. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. If your property is currently listed for sale this is not a solicitation.

© Copyright 2024.

Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01991628. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. If your property is currently listed for sale this is not a solicitation.

© Copyright 2024.

Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01991628. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. If your property is currently listed for sale this is not a solicitation.

© Copyright 2024.