About The Property

7949 Romaine is a 12-unit value-add investment property located in one of the trendiest neighborhoods of West Hollywood. Located 1 block south of Santa Monica Boulevard, the property is adjacent to some of the most popular shopping, dining and nightlife destinations along Santa Monica Blvd. and Fairfax Ave. Comprised of (2) 2-bdrm. units and (10) 1-bdrm. units, the units present a significant value-add opportunity to investors, as current rents are approx. 90% below market value for nicely remodeled units in the area. View the property tour video of this West Hollywood multifamily property.

Stats

Price $3,500,000

Year Built 1955

City West Hollywood

Units 12

Current CAP 2.68%

Background

7949 Romaine is a twelve-unit multifamily property located in a prime West Hollywood rental market, just 1 block South of Santa Monica Blvd (between Fairfax Ave and La Cienega Blvd). After owning the property for nearly three decades and hassled by property management issues, the Seller brought KST onto the listing to get the job done.

Challenge

Despite being located in a super-walkable neighborhood and offering significant financial upside, potential investors felt the price was steep due to low rents, length of tenancy for a majority of the units and the amount of deferred maintenance. 

Result

We targeted marketing for a “needle-in-a-haystack” 1031 exchange buyer looking for a value-add project in a ‘Grade-A’ location. Two days before Christmas, an outside agent had a 1031 exchange client that needed to close by the end of the year. They submitted an all-cash non-contingent offer shortly after touring the property, and escrow closed 2 weeks later at $3,500,000. Ultimately, the Seller was relieved to finally get the deal closed, having minimal success before bringing on KST’s multifamily expertise. For more of our West LA multifamily s

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)

Next Success Story.

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Price Paid: $13,525,000
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