4754 Oakwood is a 16-unit property offered at $150,000 PPU & 10.57 GRM on current rents. This 16-unit value-add property is 1 mile east from the heart of Larchmont Blvd. This elegant tree-lined commercial hub is home to many beloved boutiques, bustling cafes, and iconic eateries. The property was offered at 10.57 GRM and 5.77% CAP on current rents, with 2 VACANT UNITS and approx. 44% rental upside.
About The Property
Stats
Price $$2,200,000
Year Built 1941
City Larchmont Village
Current CAP 6.36%
Price p/ Sq. ft. $344
Price P/ Unit $137,500
Lot Size 7,253 SF
Background
Located 1 mile from Larchmont Village, 4754 Oakwood was a value-add 16-unit all-bachelor complex. Max first contacted the Owners of 4754 Oakwood through a cold call; and through years of check-ins, vendor referrals, and investment advice, developed a close relationship with the ownership group. When they needed to sell QUICK (in 60 days), Max presented a valuation proposal, and beat out several reputable big-box commercial brokerages.
Result
We started the marketing cycle with significant interest. In addition to traditional marketing platforms, we sent an email campaign that garnered 5,500+ opens and 550+ marketing package views. Those marketing efforts paid off, and led to 8 interested parties who submitted 4 offers. Despite navigating lender and insurance obstacles, we closed escrow in 30 days at $2,200,000.
