SUCCESS STORY
8-Unit Sale in Los Feliz for $450K PPU
1900 Dracena Dr.
Escrow opened one month after the Seller signed the listing agreement. Despite several DD obstacles, the KST got the deal to the finish line.
Price
$
3,600,000
City
Los Feliz
Current Cap Rate
3.99
%
Price P/ Unit
$
450,000
Lot Size
6,589
SF
1900 dracena
About the Property
Located on a spacious corner lot 2 blocks west of Hillhurst Ave, 1900 Dracena resided within walking distance of some of the best eating, dining and nightlife options Los Feliz has to offer. Built in 1965, the two-story building featured (6) 2-bdrm. and 2-bath units and (2) 1-bdrm. units. Property amenities included a gated, subterranean garage (7 enclosed spaces and 1 open space) and a community laundry room.
Price
$
3,600,000
City
Los Feliz
Current Cap Rate
3.99
%
Price P/ Unit
$
450,000
Lot Size
6,589
SF
Background
Located in the family-friendly and ultra-hip Los Feliz submarket, just 2 blocks west of Hillhurst Ave, this 8-unit stabilized property serves as an ideal 'Grade A' investment for years to come. Despite the long-term promise, the Seller wanted to diversify their portfolio and cash out.
Result
Escrow opened one month after signing the listing agreement. Despite multiple obstacles during the DD period, such as resolving unpermitted work, escrow closed 60 days later at $3,600,000. The Sellers were thrilled that KST was able to get the deal to the finish line.
