About The Property

Stats

Price $6,300,000

City Santa Monica

Units 12

Current CAP 2.39%

Price p/ Sq. ft. $445

Price P/ Unit $525,000

Background

The seller owned this 12-unit trophy asset located in the highly-desired rental market of Santa Monica, just 1/2 block South of Montana Avenue. After owning the building for several years, the seller was fed up with property management headaches and wanted to cash out.

Result

Within two weeks of listing the property, Kenny had generated eight competitive offers. Given his expertise in the multifamily market, Kenny knew allowing qualified buyers to tour the property would create a competitive bidding environment. Ultimately, the sellers accepted an offer $300,000 over the asking price. They were thrilled with the speed of the sale, taking only 45 days from signing the listing to close of escrow. The seller is cashing out and the buyer is looking forward to collecting strong rental income from this trophy asset for years to come.

“It was truly a pleasure working with Kenny. He is professional, honest, hardworking and most importantly did what he said he would. Kenny sold the property at list price in less than 60 days from start to finish.”

- Seller (Beachfront Generational Asset in Playa del Rey)

Speaking for myself and everyone involved, you were absolutely the best broker we could have selected to market our portfolio. You found an incredible buyer and were able to guide us through so many challenges, including a global pandemic, and secured us a price beyond our expectations.

- Seller (60 Units by The Grove)

I wanted to reach out and thank you for donating a share of your Ridgewood commission to A Place Called Home. When Selwyn told me that he had asked, and you agreed I was overwhelmed. A Place Called Home ( APCH) is a cause dear to my heart. I have sat on the board for the last five years and this June I will become the Chairwoman. Thank you for your great service,  and  I look forward to many more deals down the road.

- Barbara Glazer

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