SUCCESS STORY
Sold in 40 Days to All-Cash Buyer in the SFV
14245 Roscoe Blvd.
While the bite-sized price point drove competitive offers, the building needed work... a new roof, soft-story retrofitting, and full interior updates.
Price
$
900,000
City
Panorama City
Current Cap Rate
8.01
%
Price P/ Unit
$
150,000
Lot Size
8,702
SF
14245 roscoe
About the Property
Located just east of Van Nuys Blvd, 14245 Roscoe was a 6-unit value-add complex located 0.3 mile from Panorama Mall and 1 mile from The Plant Shopping Center. 14245 Roscoe was comprised of (3) 2-bdrm. units and (3) 1-bdrm. units, and was offered at $200,000 per unit, $258 per foot, and 6.11% CAP & 10.49 GRM on current rents. This value-add opportunity presented approx. 30% rental upside, and a future investor had the opportunity to reach a 8.86% CAP and 8.09 GRM.
Price
$
900,000
City
Panorama City
Current Cap Rate
8.01
%
Price P/ Unit
$
150,000
Lot Size
8,702
SF
Background
14245 Roscoe was one of two properties in a family-owned portfolio that had been held for several decades. The sellers were facing mounting deferred maintenance and management fatigue. They reached out to their residential agent, and were referred to our team, for the sale of both properties. Roscoe was the first of the two properties in this family-owned portfolio to hit the market. Given the sub-$1M price point and strong financial metrics, the listing generated immediate traction, with over 5,500 email opens and 250 marketing package downloads.
Result
While interest was strong, Roscoe’s physical condition presented hurdles. The building required a full roof replacement, had not yet undergone soft-story retrofitting, and all units were in need of cosmetic upgrades. We prioritized strong terms over just pricing, ultimately selecting an all-cash buyer who submitted a non-contingent offer with a 7-day due diligence period. The property closed 30 days later at $900,000, a quick and seamless transaction that gave the seller confidence to move forward with the sale of the second asset, 8135 Reseda.
