Details

  • Price: $1,150,000
  • Cap Rate: 5.43%
  • GRM: 11.33
  • Cost per SF: $188.56
  • Cost per unit: $191,667
  • Year Built: 1929
  • Square Footage: 6,099
  • Lot Size: 18,686 SF
  • Units: 6
  • Stories: 2
  • Parking: Garage & Open Lot
  • Transaction Type: Sold/Closed
  • Property Type: Multifamily
  • Zoning: LARD2
  • APN/Parcel ID: 6067-013-008

Just Closed: 6 Units | Los Angeles, CA

Just Closed: Imperial Homes & Apartments | Watts, LA

Invest In Results | Grow Your Legacy

lucrumre.com

 

Agents: Raymond A. Rodriguez

Team: Lucrum Real Estate Group  

 

Congratulations to our client on the successful sale of her 6-unit, owner-occupied apartment building.

Now in her golden years at 83 years of age, minimizing stress, focusing on health & spending time with family had become her priority. Keeping up with property management & landlord responsibilities had become too much of a burden.

Our client and her family agreed that it was time to sell her investment property and relocate to live with her daughter. The apartment building represented her home, a major part of her legacy and the main source of income. Having a guide, she and her family could trust to help achieve maximum value and net the most money possible was key to have the confidence to move forward.

The sale did present some challenges and concerns that needed to be overcome including well below market rents, deferred maintenance and timing the closing shortly after she would be able to vacate her apartment home.

We knew this sale would require an experienced multifamily investor who was not afraid of deferred maintenance and could recognize the investment’s upside. We implemented a marketing strategy and created an offering memorandum that highlighted the asset’s value-added potential, including immediate upside by way of renovating & renting one of the vacant homes, adding additional units by way of ADUs and renovation & renting of the owner’s previously occupied unit.

The strategy worked and our client received multiple offers at and near asking price. After an exciting process that included multiple counter offers and some background diligence on the Buyers, the best Buyer was selected who was represented by another broker. Expectations were set properly and escrow proceeded to close smoothly.

We are grateful to have been blessed with the opportunity to help our client with her life-changing sale, the trust she and her family placed in us and all who helped make this transaction possible. A special thanks to my friend for having the confidence to refer Lucrum to his grandmother and family to get the job done.

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

 

By: Lucrum
December 2, 2021

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