Located in the heart of a premier Westside rental market, this value-add property featured approx. 23% rental upside and several renovated unit interiors. After opening escrow on her NNN upleg property in the Pacific Northwest, our client contacted us to help complete the exchange on time.
About The Property
Stats
Price $3,100,000
Year Built 1958
City Brentwood
Units 8
Current CAP 3.96%
Price p/ Sq. ft. $550
Background
Challenge
We listed the property in early August (while interest rates were around 4.75%) and investors were watching from the sidelines. With several weeks left on the seller’s exchange, Kenny had to identify an all-cash exchange buyer who could close quickly.
Result
As the deadline approached, Kenny identified an exchange buyer who submitted an all-cash non-contingent offer. Ultimately, the deal closed 7 days later at $3,100,000; and all parties were relieved that KST was able to get the deal done in such a volatile market.The seller was satisfied with her completed 1031 exchange, and the buyer is eager to begin begin renovations on a hidden gem in the heart of West LA.
Next Success Story.
1116 N. Spaulding Avenue, West Hollywood
Price Paid: $3,200,000
View Success StoryPrice Paid: $3,200,000