JUST SOLD – 6 UNITS IN SANTA MONICA

SALE STATS

• $2,800,000 Final Sales Price
• Buyer Rep ($750,000 below asking)
• Location: Prime north of Wilshire, block and half away from Montana, walk to beach and Promenade
• Market GRM: 14.36
• Market CAP Rate: 4.90%
• 1923 Construction
• $466,667 price per unit
• $604 price per foot

Eric von Bluecher just closed 947 5th Street, Santa Monica, California 90403 for $2,800,000, representing the buyer, a repeat client. The acquisition matched his clients investment criteria and willingness to take on a full remodel to reposition this well located multifamily asset in Santa Monica’s north of Wilshire neighborhood. The apartment building was listed for sale for $3,550,000 in January 2018 and was in escrow several times. Eric’s relationship with the listing agent along with the buyer’s aggressive terms helped win the deal. After a few bumps in the road, several attempts to go under contract and few challenges throughout escrow that nearly torpedoed the deal, both sides were able to succeed in getting the deal done.