6810 Simpson Ave, Los Angeles

the successful sale of 6810 Simpson Avenue located in North Hollywood, California.

Record Breaking Price

This sale has cemented itself in the all time record books by becoming the highest price ever achieved for a 4 unit property in the 91605 zip code. Also, it is the 5th highest price ever achieved for a 4 unit apartment building in North Hollywood.

Here are the top 5 sale prices ever achieved on a 4-unit apartment building in North Hollywood:

Property Overview

Sitting on a lot size of 0.15 acres, this 7,128 gross-sqft property is comprised of 4 very large 3-story, 3-bed townhome units, with an average unit size of over 1,750 sqft each. Each unit comes with spacious bedrooms, balconies, hardwood floors, large walk-in closets, a beautiful kitchen will all new top of the line appliances, in-unit washer/dryer, and a den that the tenants may utilize as a 4th bedroom or office area. The property offers its tenants security with 24 hour surveillance systems and an entryway gate which automatically opens for the tenants' cars. At the back of the property, each unit is able to enjoy 2 parking spots of their own with the 8-spot parking lot in the back.

Deal Story

We were first contacted by the sellers of this property back in August of 2021 when the sellers asked for our opinion of value. We came back to the seller with a recommended list price of $2.6M and a sales range down to $2.5M. At that time, the sellers decided that they were not ready to sell for personal reasons, and we put this deal on hold.

Fast forward to March 2022, just about one month ago today, and we were marketing a different North Hollywood 4-unit new construction listing of ours for a different client. In just under 2 weeks of marketing that other listing, we were able to generate 9 offers at very good prices. Since we had so many buyers on a very similar property, we gave the owner of 6810 Simpson ave a call and asked if he'd look at an off-market offer from one of our 9 buyers, and he agreed.

We showed this deal to a few of the top buyers and one of them, who was in a 1031 exchange, decided to write an offer at $2.75M, which was $150k higher than we were going to list it at last year. The seller accepted this very good offer, and we opened escrow on March 28th. The escrow went perfectly smooth with the buyer removing all contingencies within 14 days without any ask of a price reduction or request for repairs. We closed yesterday in under 30 days from opening escrow.

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