SUCCESS STORY
16 Units by The Sunset Strip Sell During the COVID Lockdown
1346 N Laurel Ave.
We toured more than 30 qualified buyers over 7 months, and closed the deal at 98% of listed price and is the 4th highest 1960s sale in WeHo history.
Price
$
10,100,000
City
West Hollywood
Current Cap Rate
4.48
%
Price P/ Unit
$
631,250
Lot Size
15,010
SF
1346 n laurel
About the Property
Located just south of the iconic Sunset Strip. 1346 N. Laurel featured a community of bright and spacious 2-bdrm. and 2-bath apartment homes that averaged approx. 1,000 SF. These apartment homes were renovated with no expenses spared: Frigidaire appliances, soft-close drawers and Restoration hardware fixtures. Gated, secure subterranean parking – 26 side-by-side parking spaces. This trophy asset provided a perfect long-term investment opportunity in a prime West Hollywood location.
Price
$
10,100,000
City
West Hollywood
Current Cap Rate
4.48
%
Price P/ Unit
$
631,250
Lot Size
15,010
SF
Background
1346 N. Laurel Ave. is a one-of-a-kind 16-unit condo-quality property just south of the iconic Sunset Strip. This trophy asset features 16 two- bdrm. and two-bath apartment homes meticulously designed with low maintenance and longevity in mind. Tired of West Hollywood rental policies, the Sellers contacted KST to cash out.
Challenge
The sellers had limited flexibility on price, and we emphasized marketing to 1031 exchange buyers. We emphasized in-person tours to highlight the quality of this asset, compared to other properties of similar vintage that was on the market. In total, we toured more than 30 qualified buyers over 7 months of marketing.
Result
Contingencies were removed in Jan. 2020. While a majority of deals were falling apart, our industry expertise and superior negotiating skills allowed us to keep the deal alive throughout the pandemic lockdown. We ultimately closed the deal at $10.1M, 98% of the listed price. The sale of 1346 N. Laurel is the 4th highest PPU sale in WeHo history.
