SUCCESS STORY
3.13% CAP & $1,206 PP for Laguna Beach Triplex
31671 Seacove Dr.
The sellers had two succesul sales in 2023 with Kenny Stevens Team and Granston Group, and reached out to continue their portfolio diversification.
Price
$
2,200,000
City
Laguna Beach
Current Cap Rate
3.13
%
Price P/ Unit
$
733,333
Lot Size
N/A
SF
31671 seacove
About the Property
31671 Seacove Dr. was a charming triplex offering ocean views and a vacant unit. Located 2 blocks from Table Rock Beach and 0.4 mile from 1000 Steps Beach, the property was surrounded by multi-million dollar homes; and minutes from world-class resorts such as The Montage at Laguna Beach, Ritz Carlton Laguna Niguel, Waldorf Astoria Monarch Beach, and The Ranch at Laguna Beach.
Price
$
2,200,000
City
Laguna Beach
Current Cap Rate
3.13
%
Price P/ Unit
$
733,333
Lot Size
N/A
SF
Background
Located several blocks from a picturesque Laguna Beach shoreline, 31671 Seacove was a well-maintained triplex near Table Rock Beach and 1000 Steps Beach. The property was surrounded by multi-million dollar homes and minutes from world-class resorts. The sellers had two successful sales in 2023 with Kenny Stevens Team, and reached out to continue their portfolio diversification.
Challenge
We listed the property in Oct. 2023 and offered the property at a 2.94% CAP. With premium pricing and limited flexibility in price, we increased the property’s visibility. Our 3 email campaigns generated over 20,000 views. In addition, digital ads on Facebook and Instagram generated 50,000 views and drove 2,500 unique viewers to the property website. We generated five offers, and identified an outside agent representing a client transitioning assets from the City of LA to surrounding Southern California neighborhoods.
Result
Several obstacles appeared while we were in escrow. There was an unfinished permit from a previous remodel and some title issues. With the help of a highly regarded escrow and title company, we resolved the issues in time for the closing date. Ultimately, escrow took 45 days and closed at $2,200,000. Our Sellers were thrilled with the outcome, having their third successful sale with KST and Granston Group in the last six months.
