Eric von Bluecher represented both the buyer and the seller in a successful closing of six units in Santa Monica at 1326 Yale Street. The six unit building was comprised of a healthy unit mix of one, four-bedroom, two bath, two story owner’s unit located in the front of the building; one two bedroom, one and a half bath, two story unit; two, two bedroom and one and half bath units; and two, one bedroom, one bath units. The building features eight parking spaces including one garage that was producing storage income, several additional storage spaces also collecting additional income and owner owned laundry machines for further monthly income. Adding to the value of this property are large units, parking and a Walk Score of 89 which helps future tenants justify full market rents at 1326 Yale. The building had plenty of deferred maintenance and low paying tenants in which the seller was able to find a perfect, qualified buyer to take over the building and willing and eager to add value to this property with significant renovations. The seller capitalized on the sale at 100% of the asking price of $2,400,000 after reviewing multiple offers with $400,000 per unit, a high GRM and low cap rate while the buyer will have room for over 90% upside in rents and acquiring the property for $384/foot which will leave plenty of room to add value in this high demand rental market.
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