SUCCESS STORY
Clear Communication and Education Closes Deals
900 W College St.
After the unfortunate passing of the patriarch of the family, the beneficiaries south to take advantage of their stepped-up basis and cash out.
Price
$
2,460,000
City
Chinatown
Current Cap Rate
4.20
%
Price P/ Unit
$
307,500
Lot Size
6,808
SF
900 w college
About the Property
Located in a neighborhood that is currently seeing several large-scale developments, 900 West College was an 8-unit complex that featured (1) 4-bdrm. townhouse, (1) 3-bdrm. and 1.5-bath unit, and (5) 2-bdrm. units on a 6,808 SF lot. The townhouse unit served as the owner's unit and was delivered vacant upon COE. The units offered a significant value-add opportunity to potential investors, as rents were approx. 45% below market for nicely remodeled units in the area.
Price
$
2,460,000
City
Chinatown
Current Cap Rate
4.20
%
Price P/ Unit
$
307,500
Lot Size
6,808
SF
Background
With differences in opinion amongst the 6 beneficiaries involved, Kenny served as an intermediary and spoke with the beneficiaries. Through education on the sale and exchange process, all parties involved felt comfortable moving forward with the sale.
Result
Through Kenny’s extensive network and cooperation with agents from various brokerages, he was able to generate a competitive bidding environment that led to 6 offers. Ultimately, the sellers were delighted to cash out and accepted an offer at 98.4% of the listed price. Meanwhile, the buyers were thrilled to acquire a property in a rapidly developing neighborhood with significant upside.
