About The Property

945 N. Beaudry Avenue, an 8-unit multifamily property located in the culturally dynamic and rapidly developing neighborhood of Chinatown. This is the first time the property has been put on the market and is being sold by the family of the developer. The 6,974 SF two-story building is comprised of (1) 3-bdrm. & 2-bath townhouse and (7) two-bdrm. and 1-bath units. Four units will be delivered vacant upon COE.

Stats

Price $2,100,000

City Chinatown

Units 8

Current CAP 5.30%

Price p/ Sq. ft. $308

Price P/ Unit $262,500

Background

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.

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.

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.

- Seller (60 Units by The Grove)

“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.”

- Seller (4 Units in Beverly Grove)

“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.”

- Seller (Beachfront Generational Asset in Playa del Rey)

Next Success Story.

659 & 663 Imogen Avenue, Silver Lake
Price Paid: $3,000,000
View Success Story