SUCCESS STORY
10 Units by Montana Ave in SM Sell in 50 Days
929 Idaho Ave.
The property's beneficiaries, who inherited the property on a step-up basis, contacted KST to help them cash out and take advantage of tax savings.
Price
$
5,475,000
City
Santa Monica
Current Cap Rate
4.64
%
Price P/ Unit
$
547,500
Lot Size
7,497
SF
929 idaho
About the Property
929 Idaho was a well-maintained ten unit property, located one block south of Montana Ave in Santa Monica, offering the quintessential Westside lifestyle for high-income professionals. The property's desirable location was a short walk from a bustling neighborhood hub that is home to a wide array of highly-acclaimed restaurants, gyms, grocery stores and other daily essentials. In addition, this well-maintained property received a number of capital improvements including a new roof, copper plumbing, updated electrical system and vinyl windows.
Price
$
5,475,000
City
Santa Monica
Current Cap Rate
4.64
%
Price P/ Unit
$
547,500
Lot Size
7,497
SF
Background
Located in the heart of Santa Monica, our latest Westside listing lasted only a short time. This ten-unit property, located one block south of Montana Ave, was well-maintained by long-term owners and featured many capital improvements. The property's beneficiaries, who inherited the property on a step-up basis, contacted KST to help them cash out and take advantage of their capital gains tax savings.
Challenge
The property had appraised for a higher value in 2022, and the sellers had high expectations of achieving a stellar price. Despite the property’s desirable location and solid income, many investors were experiencing cold feet and adopted a “wait and see” approach. Given the uncertainty in the market, we knew we had to identify an exchange buyer.
Result
Although most investors remained on the sidelines, we generated several offers within one month of marketing. Ultimately, KST identified an exchange buyer who could close in 14 days. With Measure ULA deadline approaching, the sellers were thrilled with the outcome, cashing out in less than 60 days after signing the listing agreement.
