I just sold 7734 Lexington Avenue, West Hollywood, CA 90046 for $1.315M. This triplex was listed for $1.15M and there were numerous buyers.
This property is located in prime West Hollywood, which is one of the best pockets in Los Angeles County to own real estate. It is on a corner lot, comprised of a home, stand-alone garage, and a duplex. The entire property has serious deferred maintenance and will need a complete renovation by the buyer.
Additionally, which is becoming more common unfortunately, there is a very difficult tenant who is many months behind in his rent (in the main house). During escrow, he made it nearly impossible to access his unit using COVID as an excuse. I was able to navigate that for inspections and our appraisals, and I was able to convince this tenant (via his attorney) to sign a tenant estoppel for no compensation.
Good news is the the two back units (in the duplex) were delivered vacant so there is a huge potential upside in income for the buyer. This was a probate sale, which is always complicated, but we were able to get it done with all of the hiccups mentioned and the changing lending market.
No deal is too small or too complicated for me to handle for you, so let me know if you need any help! We’ve seen it all lately and you know you can trust me to handle your real estate business for you. 17+ years in the LA residential and commercial markets.
Hope you’re doing well!