Situated near several of the most popular shopping and dining destinations in Los Angeles, this well-maintained French-Normandy building had been with the sellers for almost 15 years. The owners had relocated out-of-state and were tired of dealing with management headaches; resulting in the decision to trade into a property that would be easier to manage.
About The Property
Stats
Price $2,275,000
Year Built 1926
Units 4 + 1 NC
Current CAP 4.04%
Price p/ Sq. ft. $590
Price P/ Unit $568,750
Background
Challenge
Despite being comprised of 5 units, the sellers had informed Max that one of the units was non-conforming. Max knew he had to locate an all-cash buyer because financing was going to be difficult to secure. Additionally, taking on the listing in the middle of the pandemic turmoil made it difficult to drive up investor demand and arrange inspections.
Result
Within two weeks of receiving the listing, Max used his extensive network of savvy multifamily investors to generate multiple offers. Ultimately, the sellers were ecstatic to close the deal at 100% of the listed price. Meanwhile, the buyer was thrilled to acquire a stabilized asset in a high barrier-to-entry submarket of Los Angeles.
