This dilapidated 26-unit mid-century building in East Hollywood belonged to a married couple who were in the middle of a contentious divorce. While being left in disarray allowed plenty of upside for any potential investor, it was difficult to entice buyers due to the immense amount of work that needed to be done to the property.
About The Property
Stats
Price $5,500,000
City Hollywood
Units 26
Current CAP 3.88%
Background
Challenge
Having purchased this building during several years before, a divorcing couple needed to sell this property during the course of diving their assets. This difficult transaction was managed with great care, empathy and tact as Kenny Stevens Team managed to achieve top dollar for the Sellers during the emotional event.
Result
Despite these obstacles, Kenny Stevens Team was able to secure multiple offers and get the property in escrow! One buyer after another backed out due to deferred maintenance issues, and extra steps had to be taken to ensure the closing of the deal due to the difficult circumstances of the Sellers’ divorce. However, the team succeeded and managed to close escrow with a well-qualified Buyer, allowing the Sellers to divide the proceeds and move on with their lives.
