6 Units | Montrose | Sub-5% Cap | 1031 Exchange to DST Portfolio
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The LAAA Team is proud to announce the successful closing of 4123 Ocean View Blvd, a 6-unit apartment building in Montrose, which sold for $1,685,000.
The seller had owned this property for nearly 30 years. The original plan was to pass it down to his kids. Then LA County rolled out the Rent Stabilization and Tenant Protections Ordinance, expanding rent control into unincorporated areas like Montrose for the first time. Rent growth became capped. Expenses kept rising. Two of the six units were vacant. The building, constructed in 1948, was fully depreciated with zero tax shelter remaining. The math no longer worked the way it once did.
He decided it was time to move on, but only with someone he trusted to handle it the right way.
We were brought in through a referral from a long-term client. This was someone who had heard us say more than once that it was not the right time to sell. No listing. No commission. Just honest advice. That kind of track record is what led to the introduction.
4123 Ocean View Blvd sits on a 5,286 square foot lot in Montrose, an unincorporated pocket of LA County between Glendale and La Crescenta. The 3,988 square foot building was built in 1948 and includes six residential units with on-site laundry. At the time of sale, two of the six units were vacant and the seller was carrying a small remaining loan balance of approximately $104,000 through Malaga Bank.
The LAAA Team is proud to announce the successful closing of 4123 Ocean View Blvd, a 6-unit apartment building in Montrose, which sold for $1,685,000.
The seller had owned this property for nearly 30 years. The original plan was to pass it down to his kids. Then LA County rolled out the Rent Stabilization and Tenant Protections Ordinance, expanding rent control into unincorporated areas like Montrose for the first time. Rent growth became capped. Expenses kept rising. Two of the six units were vacant. The building, constructed in 1948, was fully depreciated with zero tax shelter remaining. The math no longer worked the way it once did.
He decided it was time to move on, but only with someone he trusted to handle it the right way.
We were brought in through a referral from a long-term client. This was someone who had heard us say more than once that it was not the right time to sell. No listing. No commission. Just honest advice. That kind of track record is what led to the introduction.
