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.
Price
$
3,430,000
City
Rampart Village
Current Cap Rate
4.45
%
Price P/ 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.
Price
$
3,430,000
City
Rampart Village
Current Cap Rate
4.45
%
Price P/ Unit
$
214,375
Lot Size
14,139
SF
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.
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.
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.
