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.
Price
$
3,110,000
City
Mid-City
Current Cap Rate
4.55
%
Price P/ 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.
Price
$
3,110,000
City
Mid-City
Current Cap Rate
4.55
%
Price P/ Unit
$
388,750
Lot Size
6,930
SF
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.
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.
