$1.75M
1001 Simmons Ave, East Los Angeles
Sale Price
$1.75M
Units
7
Price/Unit
$250,000
Cap Rate
4.93%
Type
Apartment Building
Closed
April 2022
Record Sale | 7 Units | East Los Angeles | Sold at List Price
the successful closing of these 7 units in East Los Angeles located at 1001 Simmons Ave.
Record Breaking Sale
This sale has taken over the top spot in the all-time rankings for apartment building sales in East Los Angeles for both highest price per unit and highest price per sqft ever achieved in the city.
See below for the top 5 apartment sales in the history of East Los Angeles. This closing is 30% higher than the next highest price per unit and an impressive 93% higher than the next price per sqft.
Property Overview
Built in 1949 and renovated in 2021, this 7-unit property sits on a large 7,447 square foot lot, and it is comprised of all 1 Bed / 1 Bath units. This offering is made up of 3 different buildings on one lot with a well maintained courtyard in between. Furthermore, the property has an alleyway behind and to the side of the property which leads to 7 parking spots behind the building (1 parking spot for each 1 Bedroom unit). With a strong walk score of 80, the property is ideally located one block south of Whittier Blvd, the main thoroughfare of East Los Angeles, which offers an array of restaurants, shopping, bars, groceries, and entertainment. Also, there are 16 different schools (elementary, middle, and high schools) within 1.3 miles of the property, making this an ideal family centric location.
Deal Story
We were able to get this deal sold at this record breaking price through our unmatched database of brokers. When we sent out our "just listed" email blast to over 10,000 verified broker emails, one of the brokers who got that email had a perfect buyer for this deal who was looking for a renovated building in East Los Angeles that was mostly or fully renovated. This property fit the bill perfectly.
This outside broker's buyer gave a great offer at full list price with a short contingency period and a 60 day close. The buyer performed perfectly, removed contingencies without any price reduction request, and closed escrow this week.
To learn more about this record breaking sale, or to receive a complimentary pricing and 1031 exchange analysis on your apartment building, please give us a call today!
Closing