SUCCESS STORY
Side-by-Side Fourplex Sale in Silver Lake
659 & 663 Imogen Ave.
One week after receiving the listing, we got both properties under contract. However, during the DD period, the Buyer wanted a large credit.
Price
$
3,000,000
City
Silver Lake
Current Cap Rate
4.63
%
Price P/ Unit
$
375,000
Lot Size
15,026
SF
659 imoen
About the Property
659 Imogen Ave were two well-maintained side-by-side fourplexes in Silver Lake, located just south of Sunset Blvd. Located in a top rental market attracting families and young professionals holding high-income positions in creative industries. Each bright and spacious unit features hardwood flooring, an in-unit washer and dryer and plenty of storage. Property amenities included automatic and gated entry, shared front yard, large communal outdoor area, 8 tandem parking spaces, and each unit was separately metered for gas and electricity.
Price
$
3,000,000
City
Silver Lake
Current Cap Rate
4.63
%
Price P/ Unit
$
375,000
Lot Size
15,026
SF
Background
These neighboring fourplexes, located just South of Sunset Blvd. in the highly-demanded Silver Lake neighborhood, presented the perfect value-add opportunity. After owning the properties for several years, the Seller felt it was the right time to cash out.
Challenge
One week after receiving the listing, we got both properties under contract. However, during the due diligence period, the Buyer discovered a bunch of unpermitted work and wanted a substantial credit. Unable to come to terms, both parties agreed to cancel the escrow.
Result
Two weeks after canceling escrow, we identified a well-qualified buyer who loved the stellar location, building characteristics and spacious 15,000+ SF combined lot. Escrow opened in early January and closed 30 days later at $3,000,000. Despite the obstacles, the Seller was delighted with the speed of the transaction, cashing out 90 days after signing the listing agreement. Meanwhile, the Buyer is excited and eager to take on multiple value-add opportunities with this acquisition.
