SUCCESS STORY
Highest Rent-Controlled Triplex Sale in 90036
401 N Vista St.
Unsparingly renovated and sold for $1,000,000+ per unit, the sale of 401 N. Vista is the highest rent-controlled triplex sale in 90036.
Price
$
3,170,000
City
Fairfax District
Current Cap Rate
4.76
%
Price P/ Unit
$
1,056,667
Lot Size
7,115
SF
401 n vista
About the Property
401 N Vista, a pristine owner/user triplex with a value-add ADU opportunity located in the heart of the Fairfax District. Located one-mile from The Grove, this turnkey triplex is located in a 'Grade A' rental market that is consistently sought-after by high-income young professionals. Renovated to the studs in 2017, each garden-style townhouse features high ceilings, large picture windows, a modernized open-concept kitchen with custom cabinets and quartz countertops, a seated bar area and spacious dining room.
Price
$
3,170,000
City
Fairfax District
Current Cap Rate
4.76
%
Price P/ Unit
$
1,056,667
Lot Size
7,115
SF
Background
Unsparingly renovated to the studs in 2017 and located one-mile from The Grove, this Fairfax District turnkey triplex is located in a 'Grade-A' rental market that is consistently sought-after by high-income young professionals. The triplex had been previously listed with another multifamily team and received minimal activity and no offers. Frustrated with his previous experience, the Seller turned to Kenny Stevens Team to get the job done.
Challenge
After entering escrow, the appraisal came in $300,000 under the contract price. Kenny and Max quickly identified a backup buyer in under a week and were back in escrow. However, during the second escrow, Kenny and Max discovered Ellis Act language on the title report making it impossible for the buyer to find a lender.
Result
Despite the obstacles, max and Kenny identified a third buyer who was comfortable with the due diligence challenges and submitted an all-cash non-contingent offer AT A HIGHER PRICE. Escrow opened in early December and closed 30 days later at $3,200,000. 401 N. Vista sold for over $1,000,000 per unit, making it the highest rent-controlled triplex sale in 90036 over the last 4 years.
