893 N. Occidental features 4 meticulously renovated 2-bdrm. units with approved plans for (2) 2-bdrm. ADUs. (approx. 926 SF and 606 SF). Located just South of Sunset Blvd and 1.5 miles from Sunset Junction, this charming Spanish-style fourplex is in the heart of a trendy and vibrant community. Each charming and meticulously renovated unit perfectly combines Spanish-style architecture with modern amenities. Please note, the property comes with approved plans and permits for (2) 2-bdrm. units (approx. 926 SF and 606 SF).
About the Property
Stats
Price $2,900,000
City Silver Lake
Units 4
Current CAP 4.82%
Price p/ Sq. ft. $693
Price P/ Unit $725,000
Background
Blending unique architectural intricacies with modern and luxurious amenities, 839 N. Occidental was a masterfully restored fourplex located one mile east of Sunset Junction in Silver Lake. Listed with a Compass residential agent determined to set a sales record, KST was brought onto the listing, forming a dynamic partnership by bolstering the team’s multifamily transaction experience, and increasing reach to multifamily investors and agents throughout Southern California.
Challenge
We listed this property in late September at a 4.6% current CAP, while interest rates were 5%-5.25%. Despite the property’s charming features and tastefully upgraded interiors, most investors felt the price needed to be lowered and were looking to stay on the sidelines. In addition to the market feedback, the international seller (based in Australia) had limited flexibility and needed to achieve a specific price to satisfy a divorce settlement.
Result
Despite multiple interest rate hikes, a couple of bank collapses, and an extraordinary price to achieve in a tumultuous market, Max and Joe identified an exchange buyer who closed at $2,900,000. The sale of 839 N. Occidental sets a NEW SALES RECORD for rent-controlled fourplexes in Silver Lake (90026).
