SUCCESS STORY
Sold in 45 Days with 15 Offers Generated
15613 S White Ave.
This sale was a succesul referral and marks Max Berger's 9th South LA transaction in the previous 15 months - the most in that period.
Price
$
1,085,000
City
South Los Angeles
Current Cap Rate
5.73
%
Price P/ Unit
$
180,833
Lot Size
20,170
SF
15613 s white
About the Property
15613-17 S. White Ave was a six-unit value-add opportunity offered at $183,167 per unit, $216 per foot, 5.65% current CAP, and 10.83 current GRM. With approx. 70% rental upside, the property would stabilize at an 11.98% market CAP and 6.35 market GRM at projected market rents (based on renovated units). Situated on a 20,170 lot with plenty of parking spaces (mix of one-car garages, covered, and surface spaces), the property presented an opportunity to add one or two ADUs.
Price
$
1,085,000
City
South Los Angeles
Current Cap Rate
5.73
%
Price P/ Unit
$
180,833
Lot Size
20,170
SF
Background
Our latest South LA closing featured (6) 2-bdrm. units, with approx. 70% rental upside, located on a 20,170 lot with ADU potential. 15613 S. White offered significant potential and, at projected market rents, would stabilize at a 11.98% market CAP & 6.35 market GRM. This listing was a referral from a residential agent of KW Santa Monica, who had closed a transaction with Kenny Stevens nearly a decade ago.\
Result
Our team listed the property in early January and started the marketing campaign with significant interest. Having sold 8 South LA properties in the last 15 months, Max has an in-depth understanding of South LA’s current investment landscape, and generated nearly 15 offers on the property. Ultimately, we identified a local investor who closed in 14 days. Given current market conditions, the Seller and referring agent were thrilled that Kenny Stevens Team got the job done in 45 days.
