131 s. occidental - property exterior

SUCCESS STORY

Hustling Through A Challenging Market

131 S Occidental Blvd.

Plagued by management headaches, the sellers wanted to exchange into another property closer to the rest of their portfolio.

Offering Price
$3,430,000

City

Rampart Village

Current CAP

4.45

Price per unit

$214,375

Lot Size

14,139 SF

131 s occidental

About the Property

131 S Occidental represented an opportunity to acquire a value-add investment located near some of Los Angeles hottest neighborhoods, such as Koreatown, Echo Park and DTLA. The 11,220 two-story building sits on a 14,139 SF lot, and is comprised of (2) two-bedroom and one bath units and (14) one-bedroom and one bath units. Three of the units will be delivered vacant upon close of escrow. Several of the spacious units (avg. 700 SF per assessor) have been upgraded to include hardwood floors, granite countertops, new tubs and tiled walls/floors.

Offering Price

$3,430,000

Number of Units

16 Units

Bldg. Size

10,900 SF

Price per Foot

$306

Year Built

1956

Market CAP

7.42

Zoning

LAR4

Background

After owning this 16-unit complex for over 5 years, the sellers wanted to exchange into another property that would be closer to the rest of their portfolio.

131 s. occidental - property exterior
131 s. occidental - property exterior
131 s. occidental - property exterior

Challenge

The property was listed during the height of the pandemic (August 2020) and several units were rented well below market rents. With limited availability for showings or inspections, initial interest was relatively low. Several months after the listing had expired,KST continued to work the property off-market and stayed in contact with buyers who had initially expressed interest. In Q1 of 2021, we were able to identify a qualified buyer.

131 s. occidental - 2nd floor
131 s. occidental - 2nd floor
131 s. occidental - 2nd floor

Result

The sellers were happy to execute on their plan and currently trading into a property closer to the rest of the portfolio. The buyers are going to renovate the building over time to capture the significant financial upside.

131 s. occidental - parking
131 s. occidental - parking
131 s. occidental - parking

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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.