About The Property

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.

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.

“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