28 Sep PROSSER STEVENS SELLS WESTWOOD APARTMENT BUILDING FOR $500,000/UNIT
After reviewing proposals from several brokers, the Seller of this 6-unit building in Westwood chose Kenny Stevens to exclusively list and market the property. The 1950s building had several issues, which made it a challenging sale. There were six 3-bedroom apartments but only five tandem parking spaces. Also, there was a non-conforming unit, which the city ordered to be returned to its original storage-room status. After several months of marketing the property, Kenny procured multiple offers. One Buyer, represented by Prosser Stevens agent Eric von Bluecher, was qualified and experienced in this type of remediation.
The Prosser Stevens team worked diligently to navigate the escrow process and closed the transaction in a timely manner for both parties. The property sold for 92% of the listed price and for $500,000 per unit – much higher than the comps in the area. The Seller plans to trade into a larger property while the Buyers plan to remodel the units to maximize rents.
Contact Eric von Bluecher today at 310-774-3726