659 & 663 Imogen Ave is two well-maintained side-by-side fourplexes in Silver Lake, just South of Sunset Boulevard. Located in a top rental market attracting families and young professionals holding high-income positions in creative industries. Each bright and spacious unit features hardwood flooring, an in-unit washer and dryer and plenty of storage. Property amenities include automatic and gated entry, shared front yard, large communal outdoor area, 8 tandem parking spaces, and each unit is separately metered for gas and electricity.
About The Property
Stats
Price $3,000,000
City Silver Lake
Units i
Current CAP 4.63%
Price p/ Sq. ft. $421
Price P/ Unit $375,000
Background
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.
Challenge
One week after receiving the listing, we got both properties under contract. However, during the due diligence period, the Buyer discovered a bunch of unpermitted work and wanted a substantial credit. Unable to come to terms, both parties agreed to cancel the escrow.
Result
Two weeks after canceling escrow, we 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.
