Just Closed: 30 Units | Los Angeles, CA

Details

  • Price: $5,455,000
  • Cap Rate: 4.69%
  • GRM: 12.43
  • Cost per SF: $324.63
  • Cost per unit: $181,833
  • Year Built: 1923 | 1950
  • Square Footage: 16,804
  • Lot Size: 20,260± SF
  • Units: 30
  • Stories: 2
  • Parking: 10
  • Transaction Type: Sold/Closed
  • Property Type: Multifamily
  • Zoning: LAR4
  • APN/Parcel ID: 5077-028-017 | 5077-028-018

Just Closed: San Marino Apartments | Los Angeles, CA

Invest In Results | Grow Your Legacy

lucrumre.com

 

Agents: Raymond A. Rodriguez | Mathew Freedman

Team: Lucrum Real Estate Group

 

Highlights:

  • Exclusively listed, marketed & sold by Lucrum
  • 1031 Exchange down-leg property
  • Multiple offers generated
  • Sold at 92.53% of list price
  • 32% rental upside potential
  • Value-added multifamily investment
  • Located in Pico Union, Los Angeles
  • Potential for multiple ADUs
  • 30 units comprised of (4) Jr 1-bedrooms, (24) 1-bedrooms, and (2) 2-bedroom units
  • Represented Seller – A Lucrum Legacy Partner

Congratulations to our valued client on our latest closing of San Marino Apartments, a value-added 30-unit multifamily investment property comprised of two adjacent buildings located at 2715-2723 San Marino St. in Pico-Union, adjacent to Koreatown, Los Angeles.

The Seller, a Lucrum Legacy Partner whom we also represented when he purchased the building in 2016 for $4M contacted us to exclusively value, list, and market the property for sale. The motivation to sell was to minimize property management responsibilities and 1031 Exchange into single tenant NNN investments. Our client had become increasingly frustrated with the headaches caused by recent changes in California rent control laws, eviction moratorium and the rent freeze extensions impacting multifamily investments. Lucrum guided him in seeing his vision through and breaking free from the headaches by helping to orchestrate the sale, manage timelines, source opportunities and secure two single tenant NNN investments to satisfy his 1031 exchange. We are in escrow and scheduled to close on his replacement properties in the next several days. Our client is thrilled to have successfully seen his vision through.

Our marketing campaign for San Marino Apartments highlighted the investment’s value-add and rental upside potential. We created a custom website for San Marino Apartments to share with interested parties that included marketing assets such as drone work, photography, video tour, 3D virtual tour and offering memorandum. Through this process we were able to attract the best buyers for the property and generate multiple offers for our client’s consideration to guarantee him the best price and buyer for the property.

We love helping our clients accomplish their goals. Contact us and be a part of our next real estate success story!!!

 

By: Lucrum
April 14, 2022

Sales Team

Details

  • Price: $5,455,000
  • Cap Rate: 4.69%
  • GRM: 12.43
  • Cost per SF: $324.63
  • Cost per unit: $181,833
  • Year Built: 1923 | 1950
  • Square Footage: 16,804
  • Lot Size: 20,260± SF
  • Units: 30
  • Stories: 2
  • Parking: 10
  • Transaction Type: Sold/Closed
  • Property Type: Multifamily
  • Zoning: LAR4
  • APN/Parcel ID: 5077-028-017 | 5077-028-018

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