Sitting across from the Heritage Square Gold Line station, this 25-unit mixed-use portfolio sits on approx. 51,000+ SF of land and features approx. 60% upside in rents. Despite the long-term promise, the Seller considered these properties an outlier in his portfolio and contacted Max to cash out.
25-Unit Portfolio Sale in Northeast LA
Heritage Square Portfolio, Northeast Los Angeles
Price Paid: $5,270,000
About The Property
Year Built 1924
City Northeast Los Angeles
Price p/ Sq. ft. $357
Price P/ Unit $210,800
Lot Size 51,492
Despite the significant financial upside and neighborhood revitalization, Max knew the buyer pool would be limited due to the unique unit mix, low rents for a majority of the units and a “laundry list” of deferred maintenance. Max had to manage the Seller’s expectations while looking for a value-add investor capable of take on a major mixed-use project.
30 days after signing the listing, Max identified a well-qualified buyer. Escrow opened in Nov. 2021, and despite multiple obstacles during the due diligence period, closed at $5,270,000. The Seller was thrilled to cash out on his portfolio outlier, and the Buyer is eager to explore multiple mixed-use ideas in this developing Northeast LA neighborhood.
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.
“I cannot say enough great things about KST. They take care of you, they have the connections needed, and they get the job done! We were amazed at how quickly our sale went through during the COVID pandemic.”
“It was truly a pleasure working with Kenny. He is professional, honest, hardworking and most importantly did what he said he would. Kenny sold the property at list price in less than 60 days from start to finish.”