SUCCESS STORY
Over-Asking Pico-Robertson Sale in 75 Days
8650 Whitworth Avenue
This client was referred to us by a long-time client. In 75 days, we generated 15+ offers, and sold the property for 107% of the listed price.
Price
$
2,052,000
City
Pico-Robertson
Current Cap Rate
5.28
%
Price P/ Unit
$
342,000
Lot Size
7,000 SF
SF
8560 whitworth
About the Property
8560 Whitworth, a 6-unit complex in Pico-Robertson, just blocks away from Beverly Hills and Carthay Square, presented a unique opportunity with 33% vacancy and significant upside potential. However, there was a major drawback: the property had a substantial amount of deferred maintenance. The beneficiary, who recently inherited the property, was referred to us by a long-time client of Kenny's, looking to sell and cash out.
Price
$
2,052,000
City
Pico-Robertson
Current Cap Rate
5.28
%
Price P/ Unit
$
342,000
Lot Size
7,000 SF
SF
Background
8560 Whitworth, a 6-unit complex in Pico-Robertson, just blocks away from Beverly Hills and Carthay Square, presented a unique opportunity with 33% vacancy and significant upside potential. However, there was a major drawback: the property had a substantial amount of deferred maintenance. The beneficiary, who recently inherited the property, was referred to us by a long-time client of Kenny's, looking to sell and cash out.
Challenge
While the property boasted 2 vacant units ready for rent and an excellent location, the deferred maintenance posed a challenge, especially for an inexperienced investor. The building still had its original 1950s electrical systems, galvanized plumbing instead of copper, and an aging roof over 15 years old. Additionally, several potential buyers struggled to obtain insurance quotes, and the vacant units required significant work to reach market rents.
Result
Despite these challenges, and with most investors cautiously waiting for the November election results, we took immediate action. Our marketing efforts generated over 5,500 views, resulting in approximately 15 offers. We carefully vetted and toured all qualified buyers, fostering a competitive bidding environment that culminated in a round of best-and-final offers. Our motivated seller, ready to move forward, accepted a non-contingent offer from a buyer specifically targeting investments in Pico-Robertson. 60 days later, the property sold for $152,000 above the asking price, securing a successful outcome for all involved.
