SUCCESS STORY
Effective Marketing Brings Swift Results
5627 Lexington Ave.
Looking to trade into a bigger and better property, we were able to sell our client's downleg in a week at list price.
Price
$
2,748,000
City
East Hollywood
Current Cap Rate
3.84
%
Price P/ Unit
$
229,000
Lot Size
7,492
SF
5627 lexington
About the Property
Sitting on a quiet residential block just south of Sunset Blvd, 5627 Lexington was a 12-unit complex within walking distance of a selection of coffee shops, restaurants, theaters, and colleges. This 12 unit complex features (1) two bedroom/one bathroom unit and (11) one bedroom/one bathroom units. A new roof was installed in 2012 and the exterior of the building was updated in 2013. Additionally, the property provides 11 secured gated parking spaces.
Price
$
2,748,000
City
East Hollywood
Current Cap Rate
3.84
%
Price P/ Unit
$
229,000
Lot Size
7,492
SF
Background
Our client owned a 12-unit property in a rapidly developing location of East Hollywood. Not looking to aggressively seek "buyouts" and relocate tenants, the seller felt confident he had maximized the value of the property and wanted to trade into another value-add property that would generate greater cash flow and return on equity.
Result
Within the first few weeks, the seller was thrilled to accept an offer at the listed price. He is currently an active exchange buyer cooperating with agents from all brokerages to locate an effective upleg that will meet his financial goals. Meanwhile, the buyer is thrilled to acquire a property with notable upside and assumed great interest-only financing.
