1760 S Bentley Ave, Los Angeles

this record sale of these 5 units located at 1760 S Bentley Avenue in West Los Angeles, California. This property sold for $612,000 per unit which is the second highest price per unit ever sold in West LA (90025) for a rent-control apartment building.

The only higher price-per-unit ever sold in West LA for a rent controlled building was a 16 unit that sold in January 2021 for over $800k per unit. However, our sale was a non-renovated building, while the $800k+ price-per-unit sale was built in 1972, but it was 100% renovated in 2020. Besides that fully renovated property that sold for the highest price/unit ever, this closing today is the only other rent-controlled multifamily property that surpassed $600,000 per unit!

The subject property, built in 1964, sits on 6,499 square feet of land with 5,825 square feet of rentable area and consists of (1) 1-Bed/1-Bath, (1) 2-Bed/1.5-Bath, (1) 2-Bed/2-Bath, and (2) 3-Bed/2-Bath Units. This 5-unit apartment building was delivered with 4 units vacant.

Deal Story:

We initially listed this property in September 2020 right before the historic election and also still in the middle of the COVID pandemic, which was a very difficult time to sell properties, especially for an aggressive asking price like this one. We were still able to get it in escrow in late 2020 with a 1031 exchange buyer at that time, but that exchange buyer ended up cancelling that escrow due to the deferred maintenance on the property. Our listing subsequently expired in January 2021, and we took the property off the market for 3 months. We reached back out to the seller and asked for one more shot to get this sold due to the fact we believe the market is near the best it has ever been. Potentially even better than pre-COVID 2019. This hot market is evident by the fact that our team alone currently has 15 active escrows, and many of those escrows are from listings that we could not sell last year due to the tough times but are selling now with multiple offers. The seller ended up affording us one more try, and we re-listed this property in early April 2021 and immediately received great activity and multiple offers.

The winning buyer of this record sale was an overseas Japanese group who just recently closed on another one of our listings in Santa Monica earlier this year and is also currently looking at another one of our well located listings to purchase. In Japan, they have negative interest rates and lucrative depreciation schedules, so this...