SUCCESS STORY
10-Unit Value-Add Sale near Sawtelle
1411 Federal Ave.
After owning this property for two decades and hassled by property management headaches, the Seller brought KST onto the listing to get the job done.
Price
$
2,950,000
City
West Los Angeles
Current Cap Rate
N/A
%
Price P/ Unit
$
295,000
Lot Size
7,000
SF
1411 federal
About the Property
1411 Federal Ave was a well-maintained property in a prime West Los Angeles location, 2 blocks east of Barrington Avenue and just south of Wilshire Boulevard. Minutes from Brentwood, Santa Monica, Westwood, and Century City, the property was composed of (2) 2-bdrm. units, (4) 1-bdrm. units and (4) studio units with approx. 60% rental upside. Additional property amenities/upgrades included a new roof install approx. 10 years ago and approx. 6 parking spaces.
Price
$
2,950,000
City
West Los Angeles
Current Cap Rate
N/A
%
Price P/ Unit
$
295,000
Lot Size
7,000
SF
Background
This value-add ten unit property is located in a premier West Los Angeles pocket, minutes from Brentwood, Westwood and Santa Monica. After owning this property for nearly two decades and being hassled by property management issues, the Seller brought Kenny Stevens Team onto the listing to help him get the job done.
Challenge
Despite the significant financial upside and proximity to a large-scale transit development (Metro Purple Line), potential investors felt the price per unit was steep due to low rents and length of tenancy for a majority of the units.
Result
After marketing the property for one month, Kenny generated 4 offers and identified a well-qualified buyer who saw the long-term upside in the property. Escrow open in late October and closed 45 days later at $2.95M. Ultimately, the Seller was relieved to finally get the deal closed, having minimal success prior to bringing on KST’s multifamily expertise.
