Located in the lively eclectic beach town of Venice Beach, and just half-a-block from the Pacific Ocean coastline, this well-maintained fourplex had been with the sellers for more than 30 years. The out-of-state owner was tired of dealing with state regulations and management headaches; resulting in the decision to trade into a property that would be easier to manage.
About The Property
Stats
Price $2,000,000
Year Built 1963
Units 2 + 2 Guest Rooms
Current CAP 4.90%
Price p/ Sq. ft. $880
Price P/ Unit $500,000
Background
Challenge
Despite marketing the property as a fourplex, the original certificate of occupancy showed that it was legally a duplex with two guest rooms. Mike knew he had to locate an all-cash buyer because financing was going to be difficult to secure. Additionally, taking on the listing in the middle of the pandemic turmoil made it difficult to drive up investor demand and arrange inspections.
Result
Through a robust multi-pronged marketing campaign and a strong client base, Mike generated multiple offers. Given the circumstances surrounding the non-conforming unit, the seller was relieved to close the deal. The seller is going to exchange into a NNN property out-of-state. Meanwhile, the buyer intends to completely renovate the building; and bring it back to its original configuration.
