This property had been with the family since the patriarch developed it in the 1960s. After his passing, the beneficiaries sought to take advantage of their stepped-up basis and seek alternative investments.
Clear Communication and Education Closes Deal
900 West College Street
Sold for 98.4% of Listed Price
900 West College Street, an 8-unit multifamily investment asset located in the culturally dynamic and rapidly developing neighborhood of Chinatown. The 8,054 two-story building sits on a 6,808 SF lot and is comprised of(1) 4 Bdrm. and 3.5 Bath Townhouse, (1) 3 Bdrm. and 1.5 Bath unit and(5) 2 Bdrm. and 1 Bath units. The units offer a significant value-add opportunity to potential investors, as current rents are approximately 39% below market value for nicely remodeled units in the area
Year Built 1969
Sq. ft. 8,054 SF
Current CAP 4.20%
Proforma CAP 6.83%
Lot Size 6,808 SF
With differences in opinion amongst the 6 beneficiaries involved, Kenny served as an intermediary and spoke with the beneficiaries. Through education on the sale and exchange process, all parties involved felt comfortable moving forward with the sale.
Through Kenny’s extensive network and cooperation with agents from various brokerages, he was able to generate a competitive bidding environment that led to 6 offers. Ultimately, the sellers were delighted to cash out and accepted an offer at 98.4% of the listed price. Meanwhile, the buyers were thrilled to acquire a property in a rapidly developing neighborhood with significant upside.
Kenny allowed me to move on with selling my property as quickly as possible. During a time of regulatory change, his real estate knowledge was able to time the markets perfectly to get me the best return on my investment. I look forward to continuing my future business projects with him!
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.
I chose to hire Kenny over the other agents because of his dedication and persistence over the years, as well as his keeping me abreast of current market trends. I was extremely happy with the price he got us, and over all I would say his team performed brilliantly.