About The Property

Located just south of the iconic Sunset Strip. 1346 N. Laurel features a community of bright and spacious 2-bdrm. and 2-bath apartment homes that average approx. 1,000 SF. These apartment homes were renovated with no expenses spared: Frigidaire appliances, soft-close drawers and Restoration hardware fixtures. Gated, secure subterranean parking – 26 side-by-side parking spaces. This trophy asset provides perfect long-term investment opportunity in prime West Hollywood location.

Stats

Price $10,100,000

Year Built 1961

Units 16

Current CAP 4.48%

Price p/ Sq. ft. $562

Price P/ Unit $631,250

Background

1346 N. Laurel Ave. is a one-of-a-kind 16-unit condo-quality property just south of the iconic Sunset Strip. This trophy asset features 16 two- bdrm. and two-bath apartment homes meticulously designed with low maintenance and longevity in mind. Tired of West Hollywood rental policies, the Sellers contacted KST to cash out.

Challenge

The sellers had limited flexibility on price, and we emphasized marketing to 1031 exchange buyers. We emphasized in-person tours to highlight the quality of this asset, compared to other properties of similar vintage that was on the market. In total, we toured more than 30 qualified buyers over 7 months of marketing.

Result

Contingencies were removed in Jan. 2020. While a majority of deals were falling apart, our industry expertise and superior negotiating skills allowed us to keep the deal alive throughout the pandemic lockdown. We ultimately closed the deal at $10.1M, 98% of the listed price. The sale of 1346 N. Laurel is the 4th highest PPU sale in WeHo history.

Speaking for myself and everyone involved, you were absolutely the best broker we could have selected to market our portfolio. You found an incredible buyer and were able to guide us through so many challenges, including a global pandemic, and secured us a price beyond our expectations.

- Seller (60 Units by The Grove)

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

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