Nestled in the hills of Chinatown and overlooking the DTLA skyline, this value-add property has been with the Sellers since the patriarch developed it during the 1960s. 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 most units and a “laundry list” of deferred maintenance. Kenny knew he had to manage the seller’s expectations, while looking for a value-add investor capable of undertaking an extensive 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.