SUCCESS STORY
9-Unit Value-Add Sale in Prime Beverly Grove
8006 Blackburn Ave.
While in escrow, we discovered one unit was non-conforming. KST found another buyer who was comfortable with the DD issues and closed in 60 days.
Offering Price
$2,895,500
City
Beverly Grove
Current CAP
3.90
Price per unit
$321,722
Lot Size
6,250 SF
8006 blackburn
About the Property
8006 Blackburn was a well-maintained 10-unit property in a top rental market that attracted high-income young professionals. Located 1 block south of W. 3rd St (between The Grove and the Beverly Center), these units were walking distance to a wide array of top-tier restaurants, luxury retailers and lively nightlife options. The property featured (8) 1-Bdrm units and (2) studio units that were upgraded with soft-story retrofit completion, copper plumbing and new windows.
Offering Price
$2,895,500
Number of Units
9 Units
Bldg. Size
6,016 SF
Price per Foot
$481
Year Built
1956
Market CAP
N/A
Zoning
LAR3
Background
Location. Location. Location. This 10-unit value-add property is located in the unbeatable and super-walkable Beverly Grove neighborhood. 8006 Blackburn wass conveniently located near a wide variety of popular and highly-reviewed boutiques, restaurants and nightlife between The Grove and Beverly Center. Given a large amount of investor interest in the neighborhood, the trustees wanted to capitalize on a surging multifamily market fueled by low interest rates.
Result
Location. Location. Location. This 10-unit value-add property is located in the unbeatable and super-walkable Beverly Grove neighborhood. Located one block South of W. 3rd Street, 8006 Blackburn is conveniently located near a wide variety of popular and highly-reviewed boutiques, restaurants and nightlife between The Grove and Beverly Center. Given a large amount of investor interest in the neighborhood, the trustees agreed it was a great time to cash out.
