SUCCESS STORY
Succesul Marketing Generates Eight Offers
1315 N Kingsley Dr.
With KST's network of savvy multifamily investors, we were able to generate over 8 offers throughout the duration of the listing.
Price
$
1,310,000
City
East Hollywood
Current Cap Rate
4.70
%
Price P/ Unit
$
262,000
Lot Size
5,063
SF
1315 n kingsley
About the Property
1315 N Kingsley Dr was a 5-unit owner-user property located just north of Fountain Avenue. Sitting on a 8,478 SF lot, the property featured (1) VACANT three-bedroom and two bath single-family home and (4) studio units spread across two structures. Property amenities included a large shared driveway, community yard and (2) one-car garages that had the opportunity to be converted to ADUs. 1315 N. Kingsley presented a value-add opportunity, as current rents were approx. 20% below market value compared to renovated units in the area.
Price
$
1,310,000
City
East Hollywood
Current Cap Rate
4.70
%
Price P/ Unit
$
262,000
Lot Size
5,063
SF
Background
After owning the property for a number of years and about to enter retirement, the Seller decided it was a good time to cash out. The property was previously listed with a big-box commercial brokerage for four months and generated zero offers.
Result
With KST’s network of savvy multifamily investors, Max was able to generate over 8 offers throughout the duration of the listing. Ultimately, the seller decided to accept an offer at 96% of the listed price. Meanwhile, the buyer is going to renovate the building over time to capture the significant financial upside.
