A LA Multifamily success story in Pico-Robertson
8 Unit Pico-Robertson Complex Sold in 60 Days
8638 Cashio Street
This client was referred to us by a long-time client. We got the property sold in 60 days, and this sale marks our 2nd Pico-Robertson sale in 30 days.
Offering Price
$2,550,000
City
Pico-Robertson
Current CAP
5.20
Price per unit
$318,750
Lot Size
8,674 SF SF
8638 Cashio
Offering Price
$2,550,000
Number of Units
8 Units
Bldg. Size
8,530 SF SF
Price per Foot
$299
Year Built
1963
Market CAP
8.68
Zoning
LAR3
Background
8638 Cashio was value-add complex located in the heart of Pico-Robertson, consisting primarily of spacious 2-bedroom, 2-bath units, each averaging approx. 1,000 SF. Situated 1 mile from Beverly Hills and Carthay Square—two highly sought-after neighborhoods known for their appeal to high-income young professionals and families—this property held significant potential. With an estimated 45% rental upside, 8638 Cashio had the opportunity to reach a 7.96% CAP rate and a 9.38 GRM at projected market rents, making it an attractive investment with promising future returns.
Riding the momentum from a successful sale in Pico-Robertson just two weeks prior (8560 Whitworth), we launched the listing of 8638 Cashio with substantial energy. This property presented a strong value-add opportunity, featuring mostly 2-bedroom, 2-bath units. Situated just a mile from Beverly Hills and Carthay Square, it sits near two sought-after neighborhoods popular with affluent young professionals and families. The property's beneficiary, who recently inherited the property, was referred to us by a long-time client of Kenny's, looking to sell and cash out.
Result
The property housed several long-term tenants—two of whom had lived there for nearly 25 years, while three others had been there for nearly a decade. These long-term tenancies, coupled with the below-market rents, suggested the need for substantial capital expenditure to bring the units to market rent levels, as years of wear and tear were likely to require considerable improvements.
In a few weeks, we generated 5 offers. However, with the property's considerable deferred maintenance, we took a strategic, measured approach rather than rushing into an early offer. To ensure transparency, we opened the entire building to inspections and provided thorough reports. This allowed buyers to approach the 'best-and-final' round of offers fully informed. Ultimately, the hands-off sellers were elated to accept an offer with minimal contingencies, leading to a swift 14-day close.
