SUCCESS STORY
$357,000 Per Unit Sale in Pico-Robertson
2032 S Shenandoah St.
At $357K per unit and $349 per foot, this Pico-Robertson sale ranks high compared to similar properties in the neighborhood.
Price
$
2,500,000
City
Pico-Robertson
Current Cap Rate
4.29
%
Price P/ Unit
$
357,143
Lot Size
8,543
SF
2032 s shenandoah
About the Property
2032 Shenandoah, located just east of La Cienega Blvd, was located near several highly-visited shopping and dining destinations, including the revitalized downtown Culver City scene, Miracle Mile, The Grove and Beverly Center. Each bright and spacious unit averaged approx. 1,000 , and were separately metered for gas and electricity. This was a value-add opportunity to investors, as current rents are approx. 27% below market for nicely remodeled units in the area.
Price
$
2,500,000
City
Pico-Robertson
Current Cap Rate
4.29
%
Price P/ Unit
$
357,143
Lot Size
8,543
SF
Background
This 7-unit value-add property was located in the heart of the family-friendly neighborhood of Pico-Robertson (just 1 South of Pico Blvd. and Robertson Blvd.) and offered 25% upside in rents. After owning the property for several decades and about to retire, the Sellers decided it was a good time to cash out.
Challenge
With the Sellers having limited flexibility on price, most feedback we received was that the cost per unit ranked relatively high compared to other sales in the neighborhood.
Result
With KST’s network of savvy multifamily investors and in-depth marketing campaigns, we identified a qualified buyer after marketing the property for three weeks. The Sellers were thrilled with the speed of the process, listing the property in the beginning of August and closing escrow two months later. At $357,000 per unit and $349 per foot, the sale of 2032 S. Shenandoah ranks high compared to similar properties in the neighborhood.
