SUCCESS STORY
12 Units in SM Sells For $300K Over Asking in 45 Days
844 6th St.
The sellers accepted an offer $300,000 over the asking price and were thrilled with the speed of the sale, cashing out in 45 days.
Price
$
6,300,000
City
Santa Monica
Current Cap Rate
2.39
%
Price P/ Unit
$
525,000
Lot Size
7,481
SF
844 6th
About the Property
844 6th St was a twelve unit value-add property located in the metropolitan beach community of Santa Monica. Located on a tree-lined residential block just South of Montana Avenue, the property is adjacent to the neighborhood's most popular shopping and dining destinations. The 14,145 SF two-story building, was built in 1961, and was comprised of (6) two-bedroom townhouse-style units, (4) one-bedroom units and (2) single units. The building featured bright and spacious units averaging 1,200 SF, and several units were equipped with private patios/balconies. Additional property amenities include a gated garage with approx. 14 parking spaces (with 2 additional covered spaces) and soft-story retrofitting had already been completed.
Price
$
6,300,000
City
Santa Monica
Current Cap Rate
2.39
%
Price P/ Unit
$
525,000
Lot Size
7,481
SF
Background
The seller owned this 12-unit trophy asset located in the highly-desired rental market of Santa Monica, just 1/2 block South of Montana Avenue. After owning the building for several years, the seller was fed up with property management headaches and wanted to cash out.
Result
Within 2 weeks of listing the property, Kenny had generated eight competitive offers. Given his expertise in the multifamily market, Kenny knew allowing qualified buyers to tour the property would create a competitive bidding environment. Ultimately, the sellers accepted an offer $300,000 over the asking price. They were thrilled with the speed of the sale, taking only 45 days from signing the listing to close of escrow. The seller is cashing out and the buyer is looking forward to collecting strong rental income from this trophy asset for years to come.
