About The Property

Located in the highly-desirable Fairfax District, and just a short walk from The Grove, this Spanish-style fourplex resides in an ‘A+’ rental location that is consistently sought-after by high-income young professionals. 422 N. Spaulding features (2) 2-Bdrm units and (2) 1-Bdrm units. Each bright and spacious unit features recessed lighting, ceiling fans, wood flooring, an updated kitchen and an in-unit washer and dryer.

Stats

Price $1,860,000

Year Built 1926

City Fairfax District

Units 4

Current CAP 4.99%

Price p/ Sq. ft. $506

Background

This charming Spanish-style fourplex, located 0.5 miles from The Grove, featured 20% rental upside and a vacant 1-bdrm. unit. A Compass Beverly Hills residential agent, who had an established relationship with the Sellers, reached out to KST to help the family cash out. This property sold in conjunction with a 10 unit value-add property in West Hollywood.

Challenge

We listed the property in early April (when interest rates were approx. 4.25%) and opened escrow one month later. Despite the early success, several probate/title issues held up the deal. As interest rates approached 6% and investors began experiencing “cold feet”, Kenny needed to keep his Buyer engaged in the deal, while helping the Sellers resolve their matters.

Result

Despite several interest rate hikes of 75 basis points, Kenny kept his Buyer interested in the property, and the Sellers resolved their probate/title issues promptly. Ultimately, both parties were relieved to get the deal done and close at $1,860,000. The sellers were thankful for KST’s guidance and execution through multiple escrow obstacles, and the Buyer is thrilled with his Fairfax District acquisition.

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)

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