A LA Multifamily success story in Playa del Rey
6615 Pacific Ave: A Referral Story That Delivered a $450,000 Premium
6615 Pacific Ave.
How a co-listing on 6615 Pacific Ave delivered a $450,000 premium and protected a longtime client relationship for a top Westside agent.
Offering Price
$10,950,000
City
Playa del Rey
Current CAP
3.17%
Price per unit
$730,000
Lot Size
12,242 SF
6615 Pacific
About the Property
6615 Pacific Ave, known as The Del Rey Sands Apartments, is a 15-unit beachfront property located in Playa del Rey. The 15,683 SF building sits on a 12,424 SF lot and includes a mix of large two-bedroom units, one-bedroom units, and a three-bedroom penthouse with ocean views. Most units offer partial or full views of the Pacific Ocean, and the building provides residents with direct access to Playa del Rey’s quiet beach community. The property features a heated pool, beachside patio, gated subterranean parking, and a new roof and windows installed in 2016. Seismic retrofitting has been completed. Rents at the property were approximately 38% below market value for remodeled units in the area, offering clear upside for investors. With proximity to Playa Vista, Marina del Rey, Venice, Manhattan Beach, Culver City, and major employment centers along the Westside, 6615 Pacific Ave represents a rare coastal asset with long-term position and value-add potential.
Offering Price
$10,950,000
Number of Units
15 Units
Bldg. Size
15,683 SF
Price per Foot
$698
Year Built
1968
Market CAP
5.05
Zoning
LAR3
Background
The opportunity at 6615 Pacific Ave began with an unsolicited $10,500,000 offer during COVID. The owner had held the property long term and was prepared to move forward. Before making a final decision, residential agent Stephanie Younger reached out to Kenny Stevens Team to confirm whether the offer represented the building’s full value. The property sits in a coastal pocket where well-located assets rarely trade, and where investor demand has remained stable across market cycles. The question was not whether the offer was credible. The question was whether the owner was leaving money on the table by not testing the broader multifamily market.
Challenge
The challenge at 6615 Pacific Ave was straightforward. The seller could accept a guaranteed outcome at $10,500,000, or run a structured multifamily process with the potential for a stronger result. COVID made the decision more complex. Some transactions were pricing at pre-pandemic levels. Others were not. Investor sentiment varied from one asset class to the next, and the spread between unsolicited offers and open-market outcomes was inconsistent. The owner needed clarity, and Stephanie needed to be confident in the guidance she delivered. Our role was to evaluate the property, study how similar assets were being received by active buyers, and determine whether a full-market process would realistically outperform the offer in hand.
Result
After reviewing the analysis, the decision was made to test the market. Qualified investors engaged quickly, underwriting the asset based on location strength, long-term stability, and the building’s coastal fundamentals. The process produced a final price $450,000 above the unsolicited offer. Stephanie later described the collaboration as a true alignment of strengths, combining her client relationship and Westside presence with our multifamily strategy and investor network. The outcome at 6615 Pacific Ave is consistent with what we see across similar listings. When a multifamily asset is priced correctly, positioned accurately, and exposed to the full market, the right buyers show up and the value becomes clear.
