SUCCESS STORY
Digital Marketing Results in Chinatown Sale
945 N Beaudry Ave.
The Sellers discovered KST through our digital marketing and wanted to cash out. Despite a "laundry list" of DD issues, we got the deal done.
Price
$
2,100,000
City
Chinatown
Current Cap Rate
5.30
%
Price P/ Unit
$
262,500
Lot Size
6,974
SF
945 n beaudry
About the Property
945 N Beaudry Ave was an 8-unit multifamily property located in the culturally dynamic and rapidly developing neighborhood of Chinatown. This was the first time the property had been put on the market and was being sold by the family of the developer. The 6,974 two-story building featured (1) 3-bdrm. 2-bath townhouse and (7) two-bdrm. units. Four units were going to be delivered vacant upon COE.
Price
$
2,100,000
City
Chinatown
Current Cap Rate
5.30
%
Price P/ Unit
$
262,500
Lot Size
6,974
SF
Background
Nestled in the hills of Chinatown and overlooking the DTLA skyline, this value-add property has been with the Sellers since the patriarch developed it during the 1960s. With vacancies piling up and a large amount of deferred maintenance, the Sellers discovered KST through our digital marketing and decided to cash out.
Challenge
Despite the significant financial upside and neighborhood revitalization, potential investors felt the price was steep due to low rents, length of tenancy for most units and a “laundry list” of deferred maintenance. Kenny knew he had to manage the seller’s expectations, while looking for a value-add investor capable of undertaking an extensive renovation.
Result
Given the property’s challenges, 945 N. Beaudry was listed in October and was under contract three times. Ultimately, Dustin identified a well-qualified buyer in January, and escrow closed 45 days later at $2,100,000. The overwhelmed Sellers were relieved to cash out, and the Buyer is excited to start his next value-add project in a rising Northeast Los Angeles submarket.
