About The Property

Stats

Price $2,275,000

Year Built 1926

Units 4 + 1 NC

Current CAP 4.04%

Price p/ Sq. ft. $590

Price P/ Unit $568,750

Background

Situated near several of the most popular shopping and dining destinations in Los Angeles, this well-maintained French-Normandy building had been with the sellers for almost 15 years. The owners had relocated out-of-state and were tired of dealing with management headaches; resulting in the decision to trade into a property that would be easier to manage.​

Challenge

Despite being comprised of 5 unitsthe sellers had informed Max that one of the units was non-conforming. Max knew he had to locate an all-cash buyer because financing was going to be difficult to secure. Additionally, taking on the listing in the middle of the pandemic turmoil made it difficult to drive up investor demand and arrange inspections.

The Result

Within two weeks of receiving the listing, Max used his extensive network of savvy multifamily investors to generate multiple offers. Ultimately, the sellers were ecstatic to close the deal at 100% of the listed price. Meanwhile, the buyer was thrilled to acquire a stabilized asset in a high barrier-to-entry submarket of Los Angeles.

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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