SUCCESS STORY
90048 Fourplex Achieves Top Dollar During COVID-19
6521 W 6th St.
The owners had relocated out-of-state and were tired of dealing with management headaches.
Price
$
2,275,000
City
Beverly Grove
Current Cap Rate
4.04
%
Price P/ Unit
$
455,000
Lot Size
6,174
SF
6521 w 6th
About the Property
6521 West 6th St was a 4-unit apartment building in the charming and highly-desired neighborhood of Beverly Grove. Built in 1926 and situated on a 6,174 SF lot zoned LAR2, the French-Normandy style property is comprised of (1) 2+2, (1) 2+1, (2) 1+1 and an additional non-conforming large studio. Additionally, the well-maintained property features remodeled interiors, a spacious central courtyard, plenty of off-street parking and a private yard for one of the units. Located on a quiet residential block east of Crescent Heights Boulevard, the subject property was adjacent to some of the most popular shopping and dining destinations in Los Angeles including The Grove, Beverly Center, Beverly Hills and West Hollywood.
Price
$
2,275,000
City
Beverly Grove
Current Cap Rate
4.04
%
Price P/ Unit
$
455,000
Lot Size
6,174
SF
Background
Situated near several of the most popular shopping and dining destinations in Los Angeles, this well-maintained French-Normandy building had been with the sellers for almost 15 years. The owners had relocated out-of-state and were tired of dealing with management headaches; resulting in the decision to trade into a property that would be easier to manage.
Challenge
Despite being comprised of 5 units, the sellers had informed Max that one of the units was non-conforming. Max knew he had to locate an all-cash buyer because financing was going to be difficult to secure. Additionally, taking on the listing in the middle of the pandemic turmoil made it difficult to drive up investor demand and arrange inspections
Result
Within two weeks of receiving the listing, Max used his extensive network of savvy multifamily investors to generate multiple offers. Ultimately, the sellers were ecstatic to close the deal at 100% of the listed price. Meanwhile, the buyer was thrilled to acquire a stabilized asset in a high barrier-to-entry submarket of Los Angeles.
