Bright living room with hardwood floors and open front door at 411 N Kenmore.

SUCCESS STORY

$389K PPU Sale for 1980's Build in Mid-City

411 N Kenmore Ave.

After several years of owning building, seller wanted to cash out and received multiple qualifying offers with a 60 day escrow.

Offering Price
$3,110,000

City

Mid-City

Current CAP

4.55

Price per unit

$388,750

Lot Size

6,930 SF

411 n kenmore

About the Property

With a favorable unit mix and located in an Opportunity Zone, 411 N.Kenmore presents investors with the opportunity to purchase an asset with incredible promise in a rapidly-developing rental market. Constructed in 1989, 411 N. Kenmore is subject to AB1482, which allows an investor to raise rents by 5% + CPI annually. The 7,376 three-story building features of (8) two-bdrm. and two-bath units located in an opportunity zone that is one block north of Beverly Blvd.

Offering Price

$3,110,000

Number of Units

8 Units

Bldg. Size

7,376 SF

Price per Foot

$366

Year Built

1989

Market CAP

N/A

Zoning

N/A

Background

This 8-unit value-add property, built in 1989, is located in a Mid-City Opportunity Zone minutes from East Hollywood, Silver Lake and Koreatown. After owning this building for several years, the Seller decided 411 N. Kenmore was an outlier in his portfolio and wanted to cash out.

Bright living room with hardwood floors and open front door at 411 N Kenmore.
Bright living room with hardwood floors and open front door at 411 N Kenmore.
Bright living room with hardwood floors and open front door at 411 N Kenmore.

Result

Despite the incredible promise of the gentrifying neighborhood (heavy multifamily development in the area), potential investors felt as though the price per unit was steep compared to similar properties in the neighborhood. While marketing the property to our extensive network of savvy multifamily investors, we toured 8 qualified buyers and generated multiple offers. The Seller was relieved to accept an offer at $3.11M in August and escrow closed 60 days later.

Spacious kitchen with white cabinets and dark countertops at 411 N Kenmore
Spacious kitchen with white cabinets and dark countertops at 411 N Kenmore
Spacious kitchen with white cabinets and dark countertops at 411 N Kenmore

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Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01991628. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. If your property is currently listed for sale this is not a solicitation.

© Copyright 2024.

Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01991628. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. If your property is currently listed for sale this is not a solicitation.

© Copyright 2024.

Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01991628. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. If your property is currently listed for sale this is not a solicitation.

© Copyright 2024.

Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01991628. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. If your property is currently listed for sale this is not a solicitation.

© Copyright 2024.