Two Deals Collapsed Before This One Closed in Seven Days
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The LAAA Team of Marcus & Millichap is proud to announce the successful closing of 1010 South Bedford Street, a 12-unit apartment building in the Pico-Robertson neighborhood of Los Angeles, which sold for $3,650,000.
This was not a quick deal. It ran four months, drew roughly ten buyers and prospects, survived two transactions that collapsed before they reached the finish line, and ended in a seven-day all-cash escrow against a hard 1031 exchange deadline. The honest version of this one is the useful one.
The seller had owned the building for close to 20 years and came to us through two colleagues at Marcus & Millichap. He was selling to complete a 1031 exchange into net-leased (NNN) property, trading the daily work of a rent-controlled apartment building for passive, long-term net-lease income. After a valuation and a pricing presentation in December 2025, we brought the building to market in January 2026, its first time listed in nearly two decades.
The property was built in 1963: three stories, 12 units (three one-bedrooms and nine two-bedrooms) totaling roughly 12,915 square feet on a corner lot, with an elevator, gated underground parking, and on-site laundry. Like nearly all of the Pico-Robertson rental stock, it is governed by the Los Angeles Rent Stabilization Ordinance. In-place rents sat well below market, which positioned the building as a value-add opportunity for the next owner.
We launched at $3,900,000 and marketed it aggressively. The first-week email campaign reached more than 34,000 verified investors and brokers, the listing ran on LoopNet, CoStar, Crexi, TheMLS, and the Marcus & Millichap platform, and our team called recent Pico-Robertson buyers and active 1031 investors directly. The interest was real, but so was a persistent gap between what buyers would pay and what the seller wanted. Over four months we worked through written offers and counters with about ten different buyers.
The LAAA Team of Marcus & Millichap is proud to announce the successful closing of 1010 South Bedford Street, a 12-unit apartment building in the Pico-Robertson neighborhood of Los Angeles, which sold for $3,650,000.
This was not a quick deal. It ran four months, drew roughly ten buyers and prospects, survived two transactions that collapsed before they reached the finish line, and ended in a seven-day all-cash escrow against a hard 1031 exchange deadline. The honest version of this one is the useful one.
The seller had owned the building for close to 20 years and came to us through two colleagues at Marcus & Millichap. He was selling to complete a 1031 exchange into net-leased (NNN) property, trading the daily work of a rent-controlled apartment building for passive, long-term net-lease income. After a valuation and a pricing presentation in December 2025, we brought the building to market in January 2026, its first time listed in nearly two decades.
The property was built in 1963: three stories, 12 units (three one-bedrooms and nine two-bedrooms) totaling roughly 12,915 square feet on a corner lot, with an elevator, gated underground parking, and on-site laundry. Like nearly all of the Pico-Robertson rental stock, it is governed by the Los Angeles Rent Stabilization Ordinance. In-place rents sat well below market, which positioned the building as a value-add opportunity for the next owner.
