This eight-unit value-add property, built in 1989, is located in a Mid-City Opportunity Zone minutes from East Hollywood, Silver Lake and Koreatown. After owning this building for several years, the Seller decided 411 N. Kenmore was an outlier in his portfolio and wanted to cash out.
About The Property
Stats
Price $3,110,000
Year Built 1989
City Koreatown
Units 8
Price p/ Sq. ft. $366
Price P/ Unit $389,000
Background
Challenge
Despite the incredible promise of the gentrifying neighborhood (heavy multifamily development in the area), potential investors felt as though the price per unit was steep compared to similar properties in the neighborhood.
Result
While marketing the property to our extensive network of savvy multifamily investors, we conducted approx. 8 tours with well-qualified buyers and generated multiple offers. The Seller was relieved to accept an offer at $3.11M in August and escrow closed 60 days later. At $389,000 per door, the sale of 411 N. Kenmore ranks relatively high compared to similar Mid-City properties built in the 1980’s.