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.
Side-by-Side Fourplex Sale in Silver Lake
659 & 663 Imogen Avenue, Silver Lake
Price Paid: $3,000,000
About The Property
Year Built 1924
City Silver Lake
Price p/ Sq. ft. $421
Price P/ Unit $375,000
Lot Size 15,026 SF
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 substantial credit. Unable to come to terms, both parties agreed to cancel the escrow.
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.
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.
“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.”
“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.”