Bright living room at 659 Imogen showcasing home office setup and cat companion.

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.

Offering Price
$3,000,000

City

Silver Lake

Current CAP

4.63

Price per 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.

Offering Price

$3,000,000

Number of Units

8 Units

Bldg. Size

7,128 SF

Price per Foot

$421

Year Built

1924

Market CAP

N/A

Zoning

LAR3

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.

Bright living room at 659 Imogen showcasing home office setup and cat companion.
Bright living room at 659 Imogen showcasing home office setup and cat companion.
Bright living room at 659 Imogen showcasing home office setup and cat companion.

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.

Light-filled kitchen at 659 Imogen featuring generous cabinetry and granite counters.
Light-filled kitchen at 659 Imogen featuring generous cabinetry and granite counters.
Light-filled kitchen at 659 Imogen featuring generous cabinetry and granite counters.

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.

Living room at 659 Imogen with abundant natural light and bohemian interior design.
Living room at 659 Imogen with abundant natural light and bohemian interior design.
Living room at 659 Imogen with abundant natural light and bohemian interior design.

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Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01991628. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. If your property is currently listed for sale this is not a solicitation.

© Copyright 2024.

Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01991628. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. If your property is currently listed for sale this is not a solicitation.

© Copyright 2024.

Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01991628. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. If your property is currently listed for sale this is not a solicitation.

© Copyright 2024.

Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01991628. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. If your property is currently listed for sale this is not a solicitation.

© Copyright 2024.