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.
Headaches to the Mailbox Money Life
1059 South Manhattan Place, Los Angeles
Price Paid: $8,050,000
About The Property
Year Built 1928
City West Hollywood
Sq. ft. 30,164
Lot Size 9,195
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.
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.
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!
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.
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.