6615 Pacific Ave is a 15-unit generational asset located on the sand of Playa Del Rey. This well-maintained generational asset features phenomenal ocean views from many units, a heated pool, beachside patio, secure subterranean parking and soft-story retrofit completion.
About The Property
Stats
Price $10,950,000
City Playa del Rey
Units 15 & 1 Guest Room
Current CAP 3.17%
Price p/ Sq. ft. $698
Price P/ Unit $730,000
Background
Located on the sand of Playa del Rey, this 15-unit generational asset received an appraised value of $10,500,000 in Nov. 2019. After owning the property for over 30 years, the Sellers felt the property no longer fit in his portfolio and wanted to focus on his primary business.
Challenge
Before listing the property, the Seller received an unsolicited offer that matched the appraised value. Given the uncertainty in the COVID market, the Sellers considered it a “home run” offer and was leaning towards accepting it.
Result
With unparalleled multifamily expertise and an extensive network of savvy multifamily investors, we advised our clients that they would be leaving money on the table in he accepted the unsolicited offer. After marketing the property for two weeks, we generated multiple offers, and represented a buyer who closed at $10,950,000, $450,000 over the appraised value.
