About The Property

439 N. Hayworth is a value-add fourplex in the heart of the Fairfax District, an “A+” rental market under constant demand by high-income young professionals. Located blocks from The Grove and several other thriving neighborhood hubs (Melrose Ave, Fairfax Ave, West 3rd St), this charming French-Normandy style fourplex is near various trendsetting retailers, heavily-visited restaurants, and lively nightlife options. The property featured (4) spacious 2-bdrm units that average approx. 1,175 SF with approx. 42% rental upside.

Stats

Price $1,881,000

Year Built 1949

City Fairfax District

Units 4

Current CAP 3.44%

Price p/ Sq. ft. $399

Price P/ Unit $470,250

Background

439 N. Hayworth was a value-add fourplex in the heart of the Fairfax District, an “A+” rental market under constant demand by high-income young professionals, and home to The Grove and several thriving retail hubs. The property featured (4) 2-bdrm. units with approx. 40% rental upside. Despite the promise of heavy development, such as the redevelopment of CBS Television City, the Sellers contacted Max to cash out because of their stepped-up basis due to Prop. 19.

Result

We brought the property back to market in Aug. 2023, as interest rates approached 7%. With limited flexibility in price, we offered the property at a 3.17% CAP, 19.54 GRM, and $425 per foot. This dramatically shrunk the buyer pool, as financing options were ruled out. With an established database of approx. 20,000 LA agents and principals, we identified a full-service property management company (with nearly 1,700 units in their portfolio) who loved the location and saw the promise. Escrow closed 60 days later at $1,881,000.

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.

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Price Paid: $2,300,000
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Exterior photo of our latest Bellflower multifamily sale