SUCCESS STORY
Successul Marketing Leads to Over Asking Offer in SM
1231 17th St.
Tired of ownership headaches, the owners of this Santa Monica Owner/User traded into a NNN with no management responsibilities.
Offering Price
$2,500,000
City
Santa Monica
Current CAP
4.80
Price per unit
$500,000
Lot Size
7,522 SF
1231 17th
About the Property
1231 17th St was an ideal owner-user investment opportunity in the heart of downtown Santa Monica. Located just south of Wilshire Blvd, the subject property featured a front 4-bdrm. and 2-bath single-family home and (4) 1-bdrm. units in a separate structure. This owner-user complex also featured a charming rustic courtyard with lush greenery and vibrant flowers that provided a relaxing communal area for residents. 1231 17th allowed investors to acquire a phenomenal multifamily building in a premier beach community while having owner/user flexibility.
Offering Price
$2,500,000
Number of Units
5 Units
Bldg. Size
3,878 SF
Price per Foot
$645
Year Built
1950
Market CAP
6.03
Zoning
SMR2
Background
The sellers had owned and lived at the property for over 30 years. The property had been listed with a well-known apartment brokerage house for 6 months and generated very few offers and opened no escrows. Tired of ownership headaches, the owners were ready to trade into a NNN asset.
Challenge
When the owners contacted Kenny, he took over the listing at the same price. Kenny Stevens Team used a multi-pronged marketing campaign to identify interested buyers. After 3 weeks, the successful campaign generated multiple offers at or near the asking price. Within 30 days of the listing, we were in escrow and non- contingent.
Result
After their horrible experience with the previous agent, the sellers were thrilled to see the results that Kenny could provide in such a short time and accepted an above asking offer. They are now in escrow on a NNN asset which will increase their cash flow and have no management responsibilities.
