SUCCESS STORY
Spanish Fourplex Sale Blocks from The Grove
422 N Spaulding Ave.
A Compass Beverly Hills residential agent, who had an established relationship with the Seller, reached out to KST to help the family cash out.
Price
$
1,860,000
City
Fairfax District
Current Cap Rate
4.99
%
Price P/ Unit
$
465,000
Lot Size
6,354
SF
422 n spaulding
About the Property
Located in the highly-desirable Fairfax District, and just a short walk from The Grove, this Spanish-style fourplex resided in an 'A+' rental location that was consistently sought-after by high-income young professionals. 422 N. Spaulding featured (2) 2-Bdrm units and (2) 1-Bdrm units. Each bright and spacious unit features recessed lighting, ceiling fans, wood flooring, an updated kitchen and an in-unit washer and dryer.
Price
$
1,860,000
City
Fairfax District
Current Cap Rate
4.99
%
Price P/ Unit
$
465,000
Lot Size
6,354
SF
Background
This charming Spanish-style fourplex, located 0.5 miles from The Grove, featured 20% rental upside and a vacant 1-bdrm. unit. A Compass Beverly Hills residential agent, who had an established relationship with the Sellers, reached out to KST to help the family cash out. This property sold in conjunction with a 10 unit value-add property in West Hollywood.
Challenge
We listed the property in early April (when interest rates were approx. 4.25%) and opened escrow one month later. Despite the early success, several probate/title issues held up the deal. As interest rates approached 6% and investors began experiencing “cold feet”, Kenny needed to keep his Buyer engaged in the deal, while helping the Sellers resolve their matters.
Result
Despite several interest rate hikes of 75 basis points, Kenny kept his Buyer interested in the property, and the Sellers resolved their probate/title issues promptly. Ultimately, both parties were relieved to get the deal done and close at $1,860,000. The sellers were thankful for KST’s guidance and execution through multiple escrow obstacles, and the Buyer is thrilled with his Fairfax District acquisition.
