About The Property

1801 N. Harvard is an eight unit value-add property operating at a 4.45% CAP and 13.5 GRM on current rents. Located just south of Franklin Ave (adjacent to Los Feliz). Constructed in 1956, the property features (1) 2-bdrm. units and (7) 1-bdrm. units. Each bright and spacious unit average approx. 800 SF and offer approx. 21% rental upside compared to renovated units in the area. Well-maintained by the current owners, capital improvements include a new roof and fresh exterior paint.

Stats

Price $2,085,000

Year Built 1956

City East Hollywood

Units 8

Current CAP 5.04%

Price p/ Sq. ft. $303

Price P/ Unit $260,625

Background

Located adjacent to Los Feliz (just south of Franklin Ave), 1801 N. Harvard featured solid in-place financials and is located near several neighborhood hubs filled with large corporate employers, a city college and an array of independent businesses. The property’s beneficiaries, who inherited the property on a stepped-up basis, contacted KST to save on their capital gains tax.

Challenge

Despite the property’s well-maintained condition and solid current financials, many investors began experiencing cold feet and adopted a “wait and see” approach.

Result

Although most investors remained on the sidelines, KST generated five offers within one month of receiving the listing. Despite several interest rate hikes, we identified a savvy multifamily investor unfazed by the outside noise and closed at $2,085,000. Our seller were thrilled we could get the job done for a second time in 2023, having sold a 10-unit building in Santa Monica for them in early February.

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)

“I cannot say enough great things about KST. They take care of you, they have the connections needed, and they get the job done! We were amazed at how quickly our sale went through during the COVID pandemic.”

- Seller (4 Units in Beverly Grove)

“It was truly a pleasure working with Kenny. He is professional, honest, hardworking and most importantly did what he said he would. Kenny sold the property at list price in less than 60 days from start to finish.”

- Seller (Beachfront Generational Asset in Playa del Rey)

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