About The Property

2032 Shenandoah, located just east of La Cienega Blvd, was located near several highly-visited shopping and dining destinations, including the revitalized downtown Culver City scene, Miracle Mile, The Grove and Beverly Center. Each bright and spacious unit averaged approx. 1,000 SF, and were separately metered for gas and electricity. This was a value-add opportunity to investors, as current rents are approx. 27% below market for nicely remodeled units in the area.

Stats

Price $2,500,000

Units 7

Current CAP 4.29%

Price p/ Sq. ft. $363

Price P/ Unit $371,429

Background

This 7-unit value-add property was located in the heart of the family-friendly neighborhood of Pico-Robertson (just 1 South of Pico Blvd. and Robertson Blvd.) and offered 25% upside in rents. After owning the property for several decades and about to retire, the Sellers decided it was a good time to cash out.

Challenge

With the Sellers having limited flexibility on price, most feedback we received was that the cost per unit ranked relatively high compared to other sales in the neighborhood.

Result

With KST’s network of savvy multifamily investors and in-depth marketing campaigns, we identified a qualified buyer after marketing the property for three weeks. The Sellers were thrilled with the speed of the process, listing the property in the beginning of August and closing escrow two months later. At $357,000 per unit and $349 per foot, the sale of 2032 S. Shenandoah ranks high compared to similar properties in the neighborhood.

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.

1042 N. Orange Grove Avenue, West Hollywood
Price Paid: $2,690,000
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Exterior of 1042 Orange Grove, a vacant multifamily property in West Hollywood.