Adjacent to the Sunset Strip and located in one of West Hollywood’s historical residential neighborhoods, this mid-century architectural gem had been with the Sellers for over 20 years. The owners were tired of dealing with West Hollywood rent control policies; resulting in the decision to trade out and diversify to other investment opportunities.
WeHo Architectural Gem Sets Record Price During COVID
1346 N. Laurel Avenue, West Hollywood
Price Paid: $10,100,000
About The Property
This one-of-a-kind, 16-unit condo-quality apartment building is situated adjacent to the famed Sunset Strip (located south of Sunset Boulevard and west of Crescent Heights Boulevard) in an iconic residential neighborhood of West Hollywood. This trophy asset features 16 two-bedroom/ two-bathroom apartment homes that are meticulously designed with low maintenance and longevity in mind.
Year Built 1961
Current CAP 4.48%
Price p/ Sq. ft. $562
Price P/ Unit $631,250
With the sellers having limited flexibility on price, Kenny was looking for a “needle in a haystack” buyer who would appreciate the quality of construction, PRIME West Hollywood location and strong in-place tenant profiles.
Kenny emphasized in-person tours to highlight the quality of this asset, compared other properties of similar vintage that are on the market. In total, he toured more than 30 different buyers over 7 months of marketing.
Contingencies were removed in January. While other broker’s deals have been falling apart left and right, Kenny’s industry expertise and superior negotiating skills allowed him to keep the deal alive throughout the turmoil of the pandemic. The sellers were elated and relieved that Kenny was able to close the deal at 98% of the listed price in the middle of a global pandemic. Meanwhile, the buyer was thrilled to acquire a stabilized asset in a highly-demanded rental market.
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.
Kenny allowed me to move on with selling my property as quickly as possible. During a time of regulatory change, his real estate knowledge was able to time the markets perfectly to get me the best return on my investment. I look forward to continuing my future business projects with him!
I wanted to reach out and thank you for donating a share of your Ridgewood commission to A Place Called Home. When Selwyn told me that he had asked, and you agreed I was overwhelmed. A Place Called Home ( APCH) is a cause dear to my heart. I have sat on the board for the last five years and this June I will become the Chairwoman. Thank you for your great service, and I look forward to many more deals down the road.