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 was offered in conjunction with a 10 unit value-add property in West Hollywood.
About The Property
Stats
Price $1,860,000
Year Built 1926
City Fairfax District
Units 4
Current CAP 4.99%
Price p/ Sq. ft. $506
Background
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, there were several probate/title issues that held up the deal. As interest rates approached 6% and investors began experiencing “cold feet”, Kenny need 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 in a timely manner. 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.