SUCCESS STORY
From Expired Listing to Sold Near Larchmont Village
827 N. McCadden Pl, Los Angeles, CA 90038
827 N McCadden was listed with 3 previous agents and spent 451 days on the market. We took over the listing and got the job done.
Price
$
1,475,000
City
Los Angeles
Current Cap Rate
N/A
%
Price P/ Unit
$
368,750
Lot Size
7,250
SF
827 n mccadden
About the Property
827 N. McCadden was a four-unit owner-user property by Larchmont Village that was delivered 75% VACANT. Located two blocks north of Melrose Avenue, this ideal owner-user property was in a super walkable location minutes from La Brea Ave, Melrose Ave, Santa Monica Blvd, and several large production studios. 827 N. McCadden features (1) 2-bdrm. 2-bath single-family home, (1) 2-bdrm. and 2-bath unit, and (2) 1-bdrm. units. The front single-family home and 2 units will be delivered vacant upon COE. Property amenities include (2) 2-car garages that have the potential to be converted into one or more ADUs (buyer to verify).
Price
$
1,475,000
City
Los Angeles
Current Cap Rate
N/A
%
Price P/ Unit
$
368,750
Lot Size
7,250
SF
Background
Located 1 block north of Melrose Ave. & 75% VACANT, this 4-unit offered investors a blank canvas with upside in a prime location. 827 N. McCadden was the perfect owner-use property with a front single-family home and 3 back units. The property was previously listed with 3 different agents and spent 451 days on the market. After receiving a marketing email one of our active listings in the area, the Seller contacted us to take over the listing.
Challenge
827 N. McCadden had the potential for being a rehabbed owner-user in a hip Hollywood neighborhood, but it would require a substantial investment from a Buyer to get it "in shape". In addition, we initially offered the property at a 5.53% CAP, while interest rates were at 7%. These 2 factors dramatically shrunk the buyer pool, because investors could not justify putting fresh equity and new debt into the deal.
Result
Despite limited flexibility in price and some maintenance concerns from prospective buyers, we continued to push traffic to the listing. We attracted approx. 60,000 property views while marketing 827 N. McCadden, and received an offer from a buyer who had circled the property for several months. Upon inspection of the property, the Buyer had some concerns and asked for credit... which in today's market could derail any deal. With our experience, we managed both party's emotions and expectations, and got the escrow closed in 45 days
