Prime Hancock property with easy access to Larchmont Village and Koreatown with big upside in rents. A rare opportunity to own 25+ units in Hancock Park, only 4 trades of 25+ units in the last three years! Large spacious units with 760+ sqft each.
About The Property
Stats
Price $9,125,000
City Los Angeles
Units 31
Current CAP 3.44%
Price p/ Sq. ft. $385
Price P/ Unit $294,000
Background
Challenge
Having just entered into escrow for a property located in Texas, the Sellers saw the perfect opportunity to trade a difficult to manage 31-unit asset into something easier to manage with higher cash flow.
Result
After 10 days of listing the property and several showings, the property was in Escrow with short contingencies and no financing contingencies. Escrow closed 60 days later in time for the Sellers to close on their Exchange Property, the Texas retail acquisition at an 8% + Cap Rate! The Sellers have more than doubled their cash flow and couldn’t be happier with the trade!
This transaction worked great with the Buyer’s long-term investment strategy as well. With the A+ location and 37% upside in rents, the Buyer is thrilled with the purchase of this asset. They are planning on adding value by renovating units as they turn over, as well as common area renovations. This good-sized asset in a core location is a great addition to this investor’s portfolio!
I wanted to reach out and thank you for donating a share of your Ridgewood commission to A Place Called Home. When Selwyn told me that he had asked, and you agreed I was overwhelmed. A Place Called Home ( APCH) is a cause dear to my heart. I have sat on the board for the last five years and this June I will become the Chairwoman. Thank you for your great service, and I look forward to many more deals down the road.
Next Success Story.
8730-8740 Holloway Drive, West Hollywood
Price Paid: $6,000,000
View Success StoryPrice Paid: $6,000,000
