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.
About The Property
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
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.