About The Property

8006 Blackburn features nine well-maintained units (plus one non-conforming unit) located in a top LA rental neighborhood that attracts high-income young professionals. Residing one block south of W. Third St (between The Grove & Beverly Center), these units are walking distance to a wide array of top-tier restaurants, luxury retailers and lively nightlife options. The property is comprised of (8) 1-Bdrm units and (2) studio units and has been upgraded with soft-story retrofit completion, copper plumbing and new windows.

Stats

Price $2,895,500

City Beverly Grove

Units 9

Current CAP 3.90%

Price p/ Sq. ft. $481

Price P/ Unit $321,772

Background

Location. Location. Location. This 10-unit value-add property is located in the unbeatable and super-walkable Beverly Grove neighborhood. Located one block South of W. 3rd Street, 8006 Blackburn is conveniently located near a wide variety of popular and highly-reviewed boutiques, restaurants and nightlife between The Grove and Beverly Center. Given a large amount of investor interest in the neighborhood, the trustees agreed it was a great time to cash out. 

Challenge

Several weeks after listing the property on the market, Max generated several offers and got the property in escrow. However, during the due diligence process, Max discovered a non-conforming unit. With the unexpected news, the property returned to the market at a new price.

Result

Two weeks after re-marketing the property, Max identified a well-qualified buyer, and escrow closed 60 days later at $2,895,500. Given the numerous obstacles Max helped navigate the Sellers through, they were thrilled he got the deal to the finish line. Meanwhile, our Buyer is delighted with the acquisition, seeing this as a massive long-term opportunity in one of LA’s top rental neighborhoods for high-income young professionals. 

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)

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