The Property

This dilapidated 26-unit mid-century building in East Hollywood belonged to a married couple who were in the middle of a contentious divorce.  While being left in disarray allowed plenty of upside for any potential investor, it was difficult to entice buyers due to the immense amount of work that needed to be done to the property.

Stats

Price $5,500,000

City Hollywood

Units 26

Current CAP 3.88%

Current GRM 14.86%

The Result

Despite these obstacles, Kenny Stevens Team was able to secure multiple offers and get the property in escrow! One buyer after another backed out due to deferred maintenance issues, and extra steps had to be taken to ensure the closing of the deal due to the difficult circumstances of the Sellers’ divorce.  However, the team succeeded and managed to close escrow with a well-qualified Buyer, allowing the Sellers to divide the proceeds and move on with their lives.

“Thank you so much for this entire experience! You found me this great deal, convinced me to hold on during the slow years, and then got me an insane price that I couldn’t refuse! I look forward to many more projects in the future.”

- Ling H

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.

- 431 Marine St. (Seller)