About The Property

Stats

Price $3,170,000

Year Built 1929

City Fairfax District

Units 3

Price p/ Sq. ft. $603

Price P/ Unit $1,056,667

Lot Size 7,115 SF

Background

Unsparingly renovated to the studs in 2017 and located one-mile from The Grove, this Fairfax District turnkey triplex is located in a ‘Grade-A’ rental market that is consistently sought-after by high-income young professionals.  The triplex had been previously listed with another multifamily team and received minimal activity and no offers. Frustrated with his previous experience, the Seller turned to Kenny Stevens Team to get the job done.

Challenge

After entering escrow, the appraisal came in $300,000 under the contract price. Kenny and Max quickly identified a backup buyer in under a week and were back in escrow. However, during the second escrow, Kenny and Max discovered Ellis Act language on the title report making it impossible for the buyer to find a lender.

Result

Despite the obstacles, max and Kenny identified a third buyer who was comfortable with the due diligence challenges and submitted an all-cash non-contingent offer AT A HIGHER PRICE. Escrow opened in early December and closed 30 days later at $3,200,000. 401 N. Vista sold for over $1,000,000 per unit, making it the highest rent-controlled triplex sale in 90046 over the last 4 years.

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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