12 Units | Studio City
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The LAAA Team of Marcus & Millichap is pleased to announce the successful sale of these 12 units located at 12325 Moorpark Street, in Studio City, California. Built in 1970, the asset sits on 13,916 square feet of land with 12,964 square feet of rentable area and consists of 4- 1 bed / 1 bath and 8- 2 bed / 2 bath units.
This sale definitely had its problems that we had to overcome. After the Buyer received his inspection report back on the property, we found out that the property had an estimated $205,000 worth of deferred maintenance on the property. Namely, the property needs to be completely re-plumbed, needs all new electrical, and the roof needs to be completely replaced.
Furthermore, due to COVID, one of the tenants in the building has not paid rent in 5 months. This again caused an issue for the sale because the Buyer was worried about future rent collections.
These significant issues with the building and the tenant's rent payment almost caused this deal to fall out of escrow, however through our unmatched experience in negotiating hundreds of other deals, we were able to find creative solutions to these problems, ultimately leading to a successful, quick, and all cash close of escrow.
Ultimately, the Seller was able to achieve a strong price for the property, selling it completely "as-is, where-is" with all issues placed on the Buyer post-closing, and the Buyer was able to get into a perfectly located property with significant value add potential. At the end of the day, this was a very successful transaction for all parties involved.
The LAAA Team of Marcus & Millichap is pleased to announce the successful sale of these 12 units located at 12325 Moorpark Street, in Studio City, California. Built in 1970, the asset sits on 13,916 square feet of land with 12,964 square feet of rentable area and consists of 4- 1 bed / 1 bath and 8- 2 bed / 2 bath units.
This sale definitely had its problems that we had to overcome. After the Buyer received his inspection report back on the property, we found out that the property had an estimated $205,000 worth of deferred maintenance on the property. Namely, the property needs to be completely re-plumbed, needs all new electrical, and the roof needs to be completely replaced.
Furthermore, due to COVID, one of the tenants in the building has not paid rent in 5 months. This again caused an issue for the sale because the Buyer was worried about future rent collections.
These significant issues with the building and the tenant's rent payment almost caused this deal to fall out of escrow, however through our unmatched experience in negotiating hundreds of other deals, we were able to find creative solutions to these problems, ultimately leading to a successful, quick, and all cash close of escrow.
