About The Property

Stats

Price $8,150,000

Year Built 1928

City West Hollywood

Sq. ft. 30,164

Units 43

Lot Size 9,195

Background:

Manhattan Apartments, a 43 unit multifamily community, is located in the heart of Koreatown; a strategic location possessing compelling fundamentals, abundant entertainment and dining amenities. This listing represented an opportunity to acquire a beautiful “Old World” property in a rapidly developing neighborhood, while still providing substantial value-add potential through continued renovations.

Challenge

The Seller had purchased this 1920’s brick building in Koreatown one year prior. With inconsistent cash flow, deferred maintenance and poor property management, the retired seller was looking to trade into a hands-off asset with greater cash flow and income stability.

Solution

Although the property was priced aggressively, we used a multi-pronged marketing campaign to identify interested buyers. The successful campaign led to multiple offers and a competitive bidding environment.

Result

The seller received 98% of his asking price and is trading into a NNN supermarket with no landlord responsibility. The NNN asset will provide him with greater stability as well as a 30% increase in cash flow!

Kenny allowed me to move on with selling my property as quickly as possible. During a time of regulatory change, his real estate knowledge was able to time the markets perfectly to get me the best return on my investment.  I look forward to continuing my future business projects with him!

- Rick Sam

I wanted to reach out and thank you for donating a share of your Ridgewood commission to A Place Called Home. When Selwyn told me that he had asked, and you agreed I was overwhelmed. A Place Called Home ( APCH) is a cause dear to my heart. I have sat on the board for the last five years and this June I will become the Chairwoman. Thank you for your great service,  and  I look forward to many more deals down the road.

- Barbara Glazer

I chose to hire Kenny over the other agents because of his dedication and persistence over the years, as well as his keeping me abreast of current market trends.  I was extremely happy with the price he got us, and over all I would say his team performed brilliantly.

- 431 Marine St. (Seller)

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