Multifamily | 20 Units | Portfolio | Los Angeles, CA

Details

  • Price: $4,250,000
  • Cap Rate: 5.77%
  • GRM: 10.74
  • Cost per SF: $241.60
  • Cost per unit: $212,500
  • Year Built: 1926 – 1927
  • Square Footage: 17,591
  • Lot Size: 15,173 SF
  • Units: 20
  • No. Stories: NA
  • Parking: 4
  • Transaction Type: Sold/Closed
  • Property Type:ย  Multifamily
  • Zoning:ย  LARD1.5
  • APN/Parcel ID: NA

๐—™๐—ผ๐—ฟ๐˜๐˜‚๐—ป๐—ฒ ๐—™๐—ฎ๐˜ƒ๐—ผ๐—ฟ๐˜€ ๐—ง๐—ต๐—ฒ ๐—•๐—ผ๐—น๐—ฑ

๐—๐˜‚๐˜€๐˜ ๐—–๐—น๐—ผ๐˜€๐—ฒ๐—ฑ: ๐Ÿฐ๐Ÿญ๐Ÿฌ & ๐Ÿฐ๐Ÿฒ๐Ÿฑ ๐—ก. ๐—–๐˜‚๐—ฟ๐˜€๐—ผ๐—ป ๐—”๐˜ƒ๐—ฒ. | ๐—Ÿ๐—ผ๐˜€ ๐—”๐—ป๐—ด๐—ฒ๐—น๐—ฒ๐˜€, ๐—–๐—”

๐—•๐—ฟ๐—ผ๐—ธ๐—ฒ๐—ฟ๐—ฎ๐—ด๐—ฒ: Equity Union

๐—ง๐—ฒ๐—ฎ๐—บ: Lucrum Real Estate Group

๐—”๐—ด๐—ฒ๐—ป๐˜๐˜€: Raymond A. Rodriguez |ย Mathew Gates Freedman

๐—–๐—น๐—ถ๐—ฒ๐—ป๐˜: Family Office

Congratulationsย to our client on the successful closing of another multifamily investment portfolio located at 401 & 465 N Curson Ave in Fairfax, Los Angeles. Ray Rodriguez & Mathew Gates Freedman of The Lucrum Group are grateful to have represented the Buyer in the acquisition of these assets.

Highlights:

+ Multifamily investment portfolio sale
+ Prime Fairfax, LA location
+ Comprised of 2 buildings & 20 units
+ Under same family ownership for nearly 50 years
+ Represented the Buyer, a family office
+ Non-contingent ALL cash sale & 23-day fast close

๐—–๐—ต๐—ฎ๐—น๐—น๐—ฒ๐—ป๐—ด๐—ฒ:

The real estate in this sale consisted of two Spanish-style Colonial Revival apartmentย buildings located in prime Fairfax, Los Angeles that had been under the same ownership for nearly half a century. The properties suffered from significant deferred maintenance and challenging tenants and the rents were significantly below market. In addition, the Sellers, which were aย multi-generationalย partnership across three different families wanted to dissolve the partnership to complete separate exchanges and sell quickly with minimal to NO contingencies. We understood from the outset that having an experienced Buyer with a strong track record, combined with high-quality advisory services and seamless communication between brokers, principals, and attorneys involved, would be crucial for success

๐—ฆ๐—ผ๐—น๐˜‚๐˜๐—ถ๐—ผ๐—ป:

We established excellent communication and a collaborative discussion regarding value with the listing agents whom we had previously established a relationship with 12 years prior. After discussing and supporting the facts regarding the details on the condition of the property, what it would cost to address immediate concerns, sales comparables and market trends, we arrived at a similar value range as to where we realistically thought the properties would trade for and advised accordingly. Our team then tapped into our database of local investors, making sure to be up-front about addressing the major issues the property presented as well as the terms the Seller was looking for as to not waste anyoneโ€™s time. After filtering out the wrong buyers for the property, we focused on the most qualified investors and ultimately generated a non-contingent ALL cash, fast-close offer.

๐—ฅ๐—ฒ๐˜€๐˜‚๐—น๐˜๐˜€:

The Sellers were pleased to be able to proceed with a fast and headache-free sale after previously struggling to sell the property to another buyer, who ultimately wasted time due to being overwhelmedย by the extent of work the buildings required and scared off by the low rents. The Buyer, our client, was looking to further centralizeย his management and portfolio, so he was excited to further expand his investments locally and this opportunity presented a challenge worth investing in. We are grateful to all involved for theirย trust and cooperation, especially the listingย agents who exemplified professionalism and worked incredibly hard to help us all bring this to the finish line and a successful closing together!

๐—ง๐—ถ๐—ฟ๐—ฒ๐—ฑ ๐—ผ๐—ณ ๐—จ๐—ป๐—ฑ๐—ฒ๐—ฟ๐—ฝ๐—ฒ๐—ฟ๐—ณ๐—ผ๐—ฟ๐—บ๐—ถ๐—ป๐—ด ๐—”๐—ด๐—ฒ๐—ป๐˜๐˜€?

Finding an agent that you can trust can be challenging. Even seasoned real estate investors struggle when working with substandard agents and without the help of experts they can rely on to close the sale.

๐—Ÿ๐—ฒ๐˜ƒ๐—ฒ๐—ฟ๐—ฎ๐—ด๐—ฒ ๐—ข๐˜‚๐—ฟ ๐—˜๐˜…๐—ฝ๐—ฒ๐—ฟ๐—ถ๐—ฒ๐—ป๐—ฐ๐—ฒ & ๐—ก๐—ฒ๐—ด๐—ผ๐˜๐—ถ๐—ฎ๐˜๐—ถ๐—ผ๐—ป ๐—ฃ๐—ฟ๐—ผ๐—ฐ๐—ฒ๐˜€๐˜€ ๐—™๐—ผ๐—ฟ ๐—ฎ ๐—ช๐—ถ๐—ป ๐—ถ๐—ป ๐—˜๐˜ƒ๐—ฒ๐—ฟ๐˜† ๐—ฆ๐—ฎ๐—น๐—ฒ

A lot is at stake and you deserve the best service provided by trusted leaders in the marketplace. Whether you need to sell or buy an investment property, Lucrum has you covered.

๐—ฃ๐—ฎ๐—ฟ๐˜๐—ป๐—ฒ๐—ฟ ๐—ช๐—ถ๐˜๐—ต ๐—ฎ๐—ป ๐—˜๐˜…๐—ฝ๐—ฒ๐—ฟ๐—ถ๐—ฒ๐—ป๐—ฐ๐—ฒ๐—ฑ ๐—ง๐—ฒ๐—ฎ๐—บ ๐˜๐—ต๐—ฎ๐˜ ๐—ฉ๐—ฎ๐—น๐˜‚๐—ฒ๐˜€ ๐—ง๐—ฟ๐˜‚๐˜€๐˜ ๐—ฎ๐—ป๐—ฑ ๐—œ๐—ป๐˜๐—ฒ๐—ด๐—ฟ๐—ถ๐˜๐˜†

Donโ€™t settle for less. You deserve the best professionally designed marketing assets and custom plan proven to sell. Contact us today!

– ๐—น๐˜‚๐—ฐ๐—ฟ๐˜‚๐—บ๐—ฟ๐—ฒ.๐—ฐ๐—ผ๐—บ

Sales Team

Raymond A. Rodriguez IV

Founding PartnerMultifamily Investment Sales
866.582.7865 ray@lucrumre.com CA License: 01402283 Download Bio

Mathew Gates Freedman

PartnerCommercial Real Estate Sales
818.585.6888 matt@lucrumre.com CA License: 01487954 Download Bio

Sales Team

Raymond A. Rodriguez IV

Founding PartnerMultifamily Investment Sales
866.582.7865 ray@lucrumre.com CA License: 01402283 Download Bio

Mathew Gates Freedman

PartnerCommercial Real Estate Sales
818.585.6888 matt@lucrumre.com CA License: 01487954 Download Bio

Details

  • Price: $4,250,000
  • Cap Rate: 5.77%
  • GRM: 10.74
  • Cost per SF: $241.60
  • Cost per unit: $212,500
  • Year Built: 1926 – 1927
  • Square Footage: 17,591
  • Lot Size: 15,173 SF
  • Units: 20
  • No. Stories: NA
  • Parking: 4
  • Transaction Type: Sold/Closed
  • Property Type:ย  Multifamily
  • Zoning:ย  LARD1.5
  • APN/Parcel ID: NA

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