These neighboring fourplexes, located just South of Sunset Blvd. in the highly-demanded Silver Lake neighborhood, presented the perfect value-add opportunity. 659 & 663 Imogen featured plenty of space to add ADUs and current rents were approx. 23% below market compared to renovated units. After owning the properties for several years, the Seller felt it was the right time to cash out.
About The Property
Stats
Price $3,000,000
Year Built 1924
City Silver Lake
Units i
Price p/ Sq. ft. $421
Price P/ Unit $375,000
Lot Size 15,026 SF
Background
Challenge
One week after receiving the listing, Max got both properties under contract. However, during the due diligence period, the Buyer discovered a bunch of unpermitted work and wanted a large credit. Unable to come to terms, both parties agreed to cancel the escrow.
Result
Two weeks after canceling escrow, Dustin identified a well-qualified buyer who loved the stellar location, building characteristics and spacious 15,000+ SF combined lot. Escrow opened in early January and closed 30 days later at $3,000,000. Despite the obstacles, the Seller was delighted with the speed of the transaction, cashing out 90 days after signing the listing agreement. Meanwhile, the Buyer is excited and eager to take on multiple value-add opportunities with this acquisition.
