SUCCESS STORY
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.
Price
$
2,550,000
City
Pico-Robertson
Current Cap Rate
5.20
%
Price P/ Unit
$
318,750
Lot Size
8,674 SF
SF
8638 Cashio
About the Property
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.
Price
$
2,550,000
City
Pico-Robertson
Current Cap Rate
5.20
%
Price P/ Unit
$
318,750
Lot Size
8,674 SF
SF
Background
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.
Challenge
Despite offering approximately 45% rental upside compared to renovated units nearby, prospective buyers viewed this potential as a challenging goal. 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.
Result
Given the substantial interest we garnered from the previous listing, we were certain the ideal buyer for 8638 Cashio was within reach. Over a few short weeks, our comprehensive marketing strategy resulted in more than five 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. Furthermore, the successful sale of 8638 Cashio marks our second transaction in Pico-Robertson within the past 30 days, solidifying our momentum in a challenging market.
