Nestled in the hills of Chinatown and overlooking the DTLA skyline, this value-add property has been with he Sellers since the patriarch developed it during the 1960’s. With vacancies piling up and a large amount of deferred maintenance, the Sellers discovered KST through our digital marketing and decided to cash out.
About The Property
Stats
Price $2,100,000
Year Built 1968
City Chinatown
Units 8
Price p/ Sq. ft. $308
Price P/ Unit $262,500
Lot Size 6,974 SF
Background
Challenge
Despite the significant financial upside and neighborhood revitalization, potential investors felt the price was steep due to low rents, length of tenancy for a majority of the units and a “laundry list” of deferred maintenance. Kenny knew he had to manage to expectations of the Sellers, while looking for a value-add investor capable of taking on a major renovation.
Result
Given the property’s challenges, 945 N. Beaudry was listed in October and was under contract three times. Ultimately, Dustin identified a well-qualified buyer in January and escrow closed 45 days later at $2,100,000. The overwhelmed Sellers were relieved to cash out, and the Buyer is excited to start his next value-add project in a rising Northeast Los Angeles submarket.