$1.94M
2649 N Beachwood Dr, Los Angeles
Sale Price
$1.94M
Units
6
Price/Unit
$322,500
Type
Apartment Building
Closed
February 2021
6 Units | Hollywood Hills
The LAAA Team of Marcus & Millichap is proud to announce the successful sale of these 6 units located at 2649 N Beachwood Drive located in Los Angeles, California. Built in 1957, the property sits on 5,913 square feet of land with 5,628 square feet of rentable area and consists of (2) 1-Bed/1-Bath and (4) 2-Bed/1-Bath units.
The property was in great location directly under the Hollywood sign but suffered from significant deferred maintenance. With our extensive experience in negotiating over 300 successful sales, we were able to creatively negotiate Seller-Carry Financing, which allowed this escrow close within 25 days! Because this property has so much deferred maintenance and very low current rents, it would have been difficult for the Buyer to receive conventional financing and therefore without us negotiating seller-carry financing, the deal most likely would have fallen apart. Now, the Buyer's plan is to renovate this property and refinance in the near future in order to get permanent, conventional debt on the property and pay back the Seller in full.
For more information about this transaction or a complimentary evaluation for your property, give us a call today!
Closing