6616 Sylmar Ave, Los Angeles

The LAAA Team of Marcus & Millichap is proud to announce the successful closing of this 7-unit multifamily investment property located at 6616 Sylmar Avenue in Van Nuys, CA.

Deal Story

We listed this deal for $2.5M in early August, and we sent out our first "just listed" email on August 10, 2021 to our email database of over 10,000 principals. Within 24 hours of our initial listing announcement, we received multiple offers from qualified buyers. One of our buyers did not want to miss out on the deal, and he wrote a full list price offer within hours of receiving our just listed email announcement. The following day, the seller gave the buyer a counter offer that only changed some of the terms of the offer, but the seller did not counter the price. The terms that the seller added in were terms to help with the seller's 1031 exchange. Notably, the seller added in a term that allowed him to extend the close of escrow by 30 days in case he needed more time to find his exchange property; and second, he put in the counter that the buyer's initial escrow deposit would be released out of escrow and sent to the seller's 1031 exchange accommodator after the buyer's 7 day due diligence period. The following day, the buyer accepted the sellers terms, and we opened escrow less than 48 hours after sending out that first just listed email announcement.

The escrow went perfectly as contracted. The buyer promptly removed his contingencies within the 7 day due diligence period, and the buyer's deposit became nonrefundable and was released to the seller's 1031 exchange accommodator. When it came close to the time that we were initially scheduled to close escrow, 60 days after the effective date, the seller decided to utilize his 30-day escrow extension to give him some extra time to find his 1031 exchange property that he wanted to purchase. After that, the escrow continued to be as smooth as possible, leading up to our successful close last week, right on time per the contract. In total, we were able to get this deal closed for the seller at our full list price in just about 3 months from the day we signed the listing agreement.

The seller is now in negotiations on a few different single tenant triple-net (NNN) listings, where he is focusing on purchasing a fast food restaurant with a drive through, one of the most popular exchange options that our clients choose to buy. After the seller purchases one of the NNN deals he's looking into, he will be able to...