1758 N. Kingsley features (8) 2-bdrm. and 2-bath units located minutes from several neighborhood hubs in East Hollywood and Los Feliz (N. Vermont Ave, Hillhurst Ave and Thai Town). The property consisted of a front two-story duplex and back three-story structure sitting on a spacious10,830 SF lot zoned LAR3.The back structure, featuring 6 units, was built in 1987and are not subject to RSO (only AB1482). These units presented a significant value-add opportunity, as rents were approx. 52% below market compared to renovated units in the area.
About the Property
Stats
Price $4,000,000
Year Built 1911
City East Hollywood
Units 8
Current CAP 2.79%
Price p/ Sq. ft. $472
Price P/ Unit $500,000
Background
Featuring a front duplex and back structure built in 1987 (6 units subject only to AB1482), the subject property is a prime value-add investment property in East Hollywood. Despite the neighborhood undergoing a heavy revitalization over the past several years, the Seller was tired of property management headaches and felt it was the right time to cash out.
Result
After one week of being listed, Max identified an outside agent who represented a 1031 exchange client; and submitted an offer $200,000 over the asking price. Despite economic uncertainty, escrow closed in 45 days at $4,000,000. Safe to say, our Seller is thrilled with the speed and outcome of the sale, cashing out 90 days after signing the listing agreement and walking away with extra cash in his wallet. Closing at $500,000 per unit, the sale of 1758 N. Kingsley ranks in the top 3 transactions on PPU in East Hollywood over the past several years.
