This value-add ten unit property is located in a premier West Los Angeles pocket, minutes from Brentwood, Westwood and Santa Monica. After owning this property for nearly two decades and being hassled by property management issues, the Seller brought Kenny Stevens Team onto the listing to help him get the job done.
About The Property
Stats
Price $2,950,000
Year Built 1933
City West Los Angeles
Units 10
Price p/ Sq. ft. $606
Price P/ Unit $295,000
Background
Challenge
Despite the significant financial upside and proximity to a large-scale transit development (Metro Purple Line), potential investors felt the price per unit was steep due to low rents and length of tenancy for a majority of the units.
Result
After marketing the property for one month, Kenny generated 4 offers and identified a well-qualified buyer who saw the long-term upside in the property. Escrow open in late October and closed 45 days later at $2.95M. Ultimately, the Seller was relieved to finally get the deal closed, having minimal success prior to bringing on KST’s multifamily expertise.
Next Success Story.
1635 S. Beverly Glen Boulevard, Century City
Price Paid: $4,555,000
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