A LA Multifamily success story in Pico-Robertson
Sold in 70 Days @ 5% CAP & 12.04 GRM in Pico-Robertson
1441 S Hayworth Ave.
The sale underscores a consistent theme across our recent transactions: listings are still trading within 90 days when paired with the right pricing, positioning, and marketing
Offering Price
$1,900,000
City
Pico-Robertson
Current CAP
5.01%
Price per unit
$237,500
Lot Size
7,127 SF
1441 S Hayworth Ave
Offering Price
$1,900,000
Number of Units
8 Units
Bldg. Size
5,758 SF
Price per Foot
$330
Year Built
1961
Market CAP
7.99%
Zoning
LAR3
Background
1441 S Hayworth Avenue offered location, upside, and security in one of LA's most in-demand rental corridors. Located west of Fairfax and adjacent to Carthay Square, this location offers tenants seamless access to Pico-Robertson, Beverly Hills, and Mid-City. 1441 S Hayworth Ave presented approx. 37% upside compared to renovated comps, with projections to stabilize at a 9.73 GRM and 7.35% CAP. Built in 1961, the 8-unit building featureed a mix of (2) 2-bdrm, 2-bath units and (6) 1-bdrm units. Several units had been upgraded with modern, renter-friendly finishes, including wood laminate flooring, quartz countertops, stainless steel appliances, updated cabinetry, and ceiling fans. Amenities included controlled access, approx. eight gated parking spaces, on-site laundry, and completed soft-story retrofitting (buyer to verify). 1441 S Hayworth Ave was a well-maintained mid-century building with architectural charm, value-add potential & many location amenities.
The seller, a long-standing client of Kenny’s, had been actively repositioning out of the LA multifamily market. Over the past two years, our team has helped them execute several sales across the city. They returned to us for Hayworth, after we delivered strong results on previous listings.
Result
Several weeks into marketing, we generated 3 offers. Ultimately, we opened escrow with a buyer we identified through lead generation. That buyer, who already owned a building on the same block, understood both the location fundamentals and the upside. Once we entered due diligence, inspections revealed a challenge: the electrical system was one of three brands that many insurance carriers no longer cover. We provided the buyer with multiple bids for the required upgrades, connected him with a new insurance carrier, and negotiated a credit that satisfied both parties.
We closed escrow in 45 days at $1,900,000. The sale underscores a consistent theme across our recent transactions: listings are still trading within 90 days when paired with the right pricing, positioning, and marketing. For owners considering their next step, now is an ideal time to review strategy.
