5 Units | Santa Monica | All Cash | 30-Day Close
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The successful closing of 707 Strand in Santa Monica, CA. This 5 unit building is built in 1958 and is compromised of 4 one bedroom / one bathroom and 1 two bedroom / one bathroom units.
At the time of sale, this building was delivered with 2 out of 5 units vacant. Although most units have already been renovated over the past few years, there was a small amount of upside in rents since the two bedroom unit has not been renovated in many years.
Aida Memary, LAAA Team's Santa Monica specialist/rockstar, was able to utilize her extensive broker contacts throughout Santa Monica to source the perfect overseas Japanese buyer for this deal. In Japan they have negative interest rates and lucrative depreciation schedules, so this Japanese buyer is aggressively searching for local, well located apartment buildings because even a small amount of cash flow is better then leaving his money in a Japanese bank. (Please let us know if you have a well located property you'd like us to price out)
Aida was able to negotiate a very competitive offer on just the first day of marketing this building. After a couple days of back and forth counter offers between buyer and seller, they finally settled in on a purchase price for a quick, all-cash 30-day close. The escrow was overall very smooth leading to the successful close today.
For more information about this deal please contact Aida Memary of the LAAA Team. (818) 212-2678
The successful closing of 707 Strand in Santa Monica, CA. This 5 unit building is built in 1958 and is compromised of 4 one bedroom / one bathroom and 1 two bedroom / one bathroom units.
At the time of sale, this building was delivered with 2 out of 5 units vacant. Although most units have already been renovated over the past few years, there was a small amount of upside in rents since the two bedroom unit has not been renovated in many years.
Aida Memary, LAAA Team's Santa Monica specialist/rockstar, was able to utilize her extensive broker contacts throughout Santa Monica to source the perfect overseas Japanese buyer for this deal. In Japan they have negative interest rates and lucrative depreciation schedules, so this Japanese buyer is aggressively searching for local, well located apartment buildings because even a small amount of cash flow is better then leaving his money in a Japanese bank. (Please let us know if you have a well located property you'd like us to price out)
Aida was able to negotiate a very competitive offer on just the first day of marketing this building. After a couple days of back and forth counter offers between buyer and seller, they finally settled in on a purchase price for a quick, all-cash 30-day close. The escrow was overall very smooth leading to the successful close today.
