The first property, located at 947 5th Street in Santa Monica was just five blocks from the beach with tremendous upside potential, but in bad condition due to copious amount of deferred maintenance. Additionally, its fully vacant status made it difficult to secure financing. The second asset at 252 S New Hampshire Avenue, located in Koreatown, had extremely suppressed rents and also needed the right Buyer willing to revamp the deteriorated structure.
About The Property
Stats
Price $2,800,000
Year Built 1923
City Santa Monica
Units 6
Lot Size 7,510
Zoning SMR2
Background
Challenge
After the unfortunate passing of his father, the Beneficiary’s attorney recommended Kenny Stevens Team to list the two inherited apartment buildings. Unable to cope with managing them, the properties fell into disarray after being neglected for a number of years.
Solution
The Kenny Stevens Team handled this opportunity vigilantly and was able to turn these listings around and achieve a smooth and easy sale.
Result
The Kenny Stevens Team was able to successfully bring closure to the Seller’s family by closing escrow on both properties despite the obstacles! Kenny closed the deal at 5th Street after settling on an excellent non-contingent all-cash offer amongst multiple offers.
New Hampshire was an ideal opportunity for an investor willing to relocate tenants, renovate, and increase their cash flow by achieving market rents. After launching a targeted marketing campaign to their vast network of principals and agents, 9 offers were made within just a few weeks, and a smooth transaction led to the final closing.
