Closed Transactions 3/29-4/6

SEE SOME OF THE RECENTLY CLOSED MULTIFAMILY SALES IN GREATER LOS ANGELES FROM LAST WEEK.  INTERESTED IN A CERTAIN AREA?  LET US KNOW SO WE CAN SEND YOU CLOSINGS YOU ARE INTERESTED IN!

 

  • 3245 Drew St, 90065
  • Sold: $1,150,000
  • Units: 6
  • Price/Unit: $191,666
  • Price/SF: $207.24
  • GRM: 15.64
  • CAP: 3.38%
  •  
  • 4108 Council St, 90004
  • Sold: $875,000
  • Units: 4
  • Price/Unit: $218,950
  • Price/SF: $259.49
  • GRM: 11.34
  • CAP: 3.64%
  •  
  • 1725 Chevy Chase Dr, 91206
  • Sold: $1,788,000
  • Units: 6
  • Price/Unit: $298,000
  • Price/SF: $388.02
  • GRM: 22.7
  • CAP: 2.20%
  •  
  • 2636 23rd St, 90405
  • Sold: $2,535,000
  • Units: 8
  • Price/Unit: $316,875
  • Price/SF: $431.42
  • GRM: N/A
  • CAP: N/A

Elliot@Mviproperties.com

Closed Transactions: 3/17-3/28

SEE SOME OF THE RECENTLY CLOSED MULTIFAMILY SALES IN GREATER LOS ANGELES FROM LAST WEEK.  INTERESTED IN A CERTAIN AREA?  LET US KNOW SO WE CAN SEND YOU CLOSINGS YOU ARE INTERESTED IN!

 

  • 4814 Mascot St, 90019
  • Sold: $1,900,000
  • Units: 6
  • Price/Unit: $316,666
  • Price/SF: 548.34
  • GRM: 13.4
  • CAP: 4.45%
  •  
  • 727 N Soto St, 90033
  • Sold: $1,670,000
  • Units: 19
  • Price/Unit: $87,895
  • Price/SF: $160.33
  • GRM: 9.89
  • CAP: 4.02
  •  
  • 1522 S Wooster St, 90035
  • Sold: $1,960,000
  • Units: 6
  • Price/Unit: $326,667
  • Price/SF: $294.91
  • GRM: N/A
  • CAP: N/A
  •  
  • 11369 Pearl St, 90064
  • Sold: $4,826,000
  • Price/Unit: $536,222
  • Price/SF: $489.85
  • GRM: 17.29
  • CAP: N/A
  •  
  • 2650 S Barrington Ave, 90064
  • Sold: $1,900,000'
  • Units: 6
  • Price/Unit: $316,6678
  • Price/SF: $441.86
  • GRM: N/A
  • CAP: N/A
  •  
  • 6354 Sylmar Ave, 91401
  • Sold: $1,150,000
  • Units: 6
  • Price/Unit: $191,667
  • Price/SF: $262.02
  • GRM: 13.48
  • CAP: 4.45%

Elliot@Mviproperties.com

Why Listing With Us Is Just Better

Mitch and myself spend a lot of time talking about our marketing tools as things continue to progress here at MVI Properties.  As we put things in place we are really trying to find tools that are helpful for the prospective buyers and also tools that make the seller's feel comfortable in the work that we are providing.  Deals fall out or are price reduced in Escrow because in a hot market like this a lot of offers are site un-seen.  We understand that commercial real estate and residential real estate operate in different wave lengths but we are trying to find marketing tools that all of our agents can use. 

Marketing materials for commercial real estate are ridiculously stuck in the past.  All the big dog firms essentially use the same marketing package (20+ pages long) and throw their logos on them.  Nothing about the marketing package differs from the next except the address of the building.  No building stands out in any certain way.  I'm sure a few of those pages are helpful but a lot of it is overkill.  The listing agents really aren't doing too much for their listings these days. Our job isn't to build up MVI Properties by pulling other firms down but to stay relevant with the technology that is out there and provide true value for our clients. 

Residential real estate operates differently then commercial.  The process is much more emotional and finding the right house takes some time usually.  Regardless, going to a bunch of open houses can be a bit daunting at times which is why we love this piece of our marketing material.  This allows our agents to provide a virtual tour of the home which allows prospective buyers to see the home before actually going there.  

We are not saying that this eliminates physical inspections or driving by the property by any means but this most definitely helps a prospective buyer.  It also shows the Seller that work was actually put into marketing their property to the best of our abilities.  Better decisions can be made when this kind of experience is provided for our client and prospective buyer. Whether the buyer prefers to the see the layout of the unit for rehab purposes or wants to see the layout of the house before viewing it in person this tool is awesome. 

Trying to rent a unit out in your building as well?  Works great.

If you have thought about taking a building to the market we would love to sit down with you and let you know what kind of experience we provide. See below.

-Move around with your arrows on keyboard or by clicking.

-Bottom left corner can "change view" to dollhouse or floor plan

Elliot@Mviproperties.com

Too Strong of a Rental Market?!

We recently sent out a deal in the Palms area (90034) located on the westside of town.  This was an off market opportunity but unfortunately just a bit unrealistic on the pricing and not that motivated of a seller to make an adjustment on the price.  When we send these deals out we usually get some pretty good feedback from our investors.. some of which we learn from. 

A close investor of ours had told us that he actually disliked this good location because there was tons of rental competition i.e. it's tough to rent out your unit because there are so many other units trying to be rented as well.  The palms location in 90034 is very dense with apartment buildings so in reality this does make a lot of sense from an owners perspective.  Normally when you see a deal in a solid rental market you think that it is a home run (if the price is right) and you will be able to rent an upgraded unit for top dollar.  Honestly, the thought of a good rental market having too much rental competition was something we had not given much thought to.

It is always nice to hear this kind of information from our trusted investors so we can share it with everyone else as well.  Does this mean that the deal doesn't work for anyone?  No.. everyone has different investment strategies but still an interesting topic.

Need assistance with anything?  Have any questions?  Please feel free to reach out.

Elliot@Mviproperties.com

What value is MVI Properties going to bring to you?

Before MVI started we had many conversations about the brokerage community and the value that broker's/agent's are actually bringing to their clients these days. We understand that every sector of real estate operates differently but regardless we feel that everyone's actual value is decreasing aka they don't want to put in the work.  We live in a generation where everyone wants everything now now now.  MVI became an option because we both agreed that it was about bringing value to the clients first and also planting the right seeds for the future (building relationships, knowledge about the markets, and actually providing relevant content.)

 

Now that we have laid the foundation for MVI Properties brokerage it is time to start coming through with the rest of it.    Some of you may find this relevant from day one while others might not find benefits from this until later down the road.  Regardless, we are going to stay consistent with the plan of action and provide weekly content for our clients.   The purpose of this is to actually provide value to you.  In return, we just hope you guys can see how dedicated we are to being broker's and providing for our clients.  We hope you guys will see our transparency and we look forward to meeting (again) at some point!  

Below this post you will find a breakdown of what is to come. 

 

(if there is a particular way we can bring YOU value please email and let us know so we can be of assistance)

Elliot@Mviproperties.com

 

 

MVI Rent Breakdown

Please see below rent ranges in certain rental pockets.  We will be switching up which areas to evaluate when the Rent Breakdown comes out.  Keep in mind we kept these rents strictly to apartment buildings and not single family homes.   If you would like to see a specific location please reach out and we can find out the rents for you.  Enjoy!

North Hollywood

Studios - $1,100-$2,125

1+1 - $1,250-$2,325

2+2 - $2,100-$2,900

3+2 - $2,570-$4,040

Culver City/Palms

Studios - $1,345-$$2,300

1+1 - $1,650-$2,710

2+2 - $2,195-$3,700

3+2 - $2,999-$5,525

Los Feliz

Studios - $1,295-$1,895

1+1 - $1,725-$2,800

2+2 - $2,590-$4,200

3+2 - $3,500-$4,500

 

Let us know if we can be of assistance with anything else! Elliot@Mviproperties.com

Deal Of The Day: 24 Units Boyle Heights (Non Rent Control)

Market Status: ON

See below Non Rent Controlled Boyle Heights opportunity.  I think a lot of people are still wondering if Boyle Heights is truly going to turn into as strong of a market as Highland Park or Echo Park.  We have had this conversation with many of our investors and I think people are still hesitant.  On the flip side, we know a lot of people that are now kicking themselves when they were seeing Non Rent Controlled buildings in Highland Park for this price and decided to pass on them.  I'm sure there are going to be quite a few eyes on this opportunity so please let us know if you have any questions.  Hope everyone had a nice 4th!

Elliot@Mviproperties.com

Closed Transactions: 6/21-6/27

SEE SOME OF THE RECENTLY CLOSED MULTIFAMILY SALES IN GREATER LOS ANGELES FROM LAST WEEK.  INTERESTED IN A CERTAIN AREA?  LET US KNOW SO WE CAN SEND YOU CLOSINGS YOU ARE INTERESTED IN!

 

  • 14718 Magnolia Blvd Sherman Oaks, CA 91403
  • Sold: $1,400,000
  • Units: 7
  • Price/Unit: $200,000
  • Price/SF: 309.73
  • GRM: N/A
  • CAP: 4.03%s
  •  
  • 253 Villa St Pasadena, CA 91101
  • Sold: $1,850,000
  • Units: 10
  • Price/Unit: $185,000
  • Price/SF: $337.10
  • GRM: 18.68
  • CAP: 3.77%
  •  
  • 248 N Cordova St Burbank, CA 91505
  • Sold: $1,525,000
  • Units: 5
  • Price/Unit: $305,000
  • Price/SF: $487.53
  • GRM: 17.13
  • CAP: 3.40%
  •  
  • 149-151 S Rexford Dr Beverly Hills, CA 90212
  • Sold: $2,825,000
  • Price/Unit: $706,250
  • Price/SF: $483.73
  • GRM: N/A
  • CAP: N/A
  •  
  • 10310 S Main St Avalon Gardens, CA 90003
  • Sold: $652,000
  • Price/Unit: $163,000
  • Price/SF: $191.76
  • GRM: 10.52
  • CAP: 7.13%
  •  
  • 1454 Hi Point St Mid-Wilshire, CA 90035
  • Sold: $2,050,000
  • Units: 8
  • Price/Unit: $256,250
  • Price/SF: $430.67
  • GRM: 14.62
  • CAP: 4.17%
  •  
  • 7555 N De Longpre Ave Hollywood, CA 90046
  • Sold: $4,500,000
  • Units: 16
  • Price/Unit: $281,250
  • Price/SF: $426.99
  • GRM: N/A
  • CAP: 3.68%

 

Elliot@Mviproperties.com

MVI Rent Breakdown

Please see below rent ranges in certain rental pockets.  We will be switching up which areas to choose when the Rent Breakdown comes out.  Keep in mind we kept these rents strictly to apartment buildings and not single family homes.   If you would like to see a specific location please reach out and we can find out the rents for you.  Enjoy!

Highland Park

Studios - $899-$1,195

1+1 - $1,275-$1,895

2+2 - $2,050-$2,600

3+2 - $2,250-2,800

Echo Park/Silverlake

Studios - $1,350-$1,650

1+1 - $1,350-$2,195

2+2 - $2,500-$3,300

3+2 - $3,495-$4,500

Santa Monica

Studios - $1,414-$2,865

1+1 - $2,450-$3,000

2+2 - $3,200-$3,995

3+2 - $4,250-$5,100

Koreatown

Studios - $762-$1,600

1+1 - $1,095-$2,300

2+2 - $2,300-$3,300

3+2 - $2,500-$4,000

 

Let us know if we can be of assistance with anything else! Elliot@Mviproperties.com

Closed Transactions: 6/14-6/20

SEE SOME OF THE RECENTLY CLOSED MULTIFAMILY SALES IN GREATER LOS ANGELES FROM LAST WEEK.  INTERESTED IN A CERTAIN AREA?  LET US KNOW SO WE CAN SEND YOU CLOSINGS YOU ARE INTERESTED IN!

 

  • 1599 N Raymond Pasadena, CA 91103
  • Sold: $2,300,000
  • Units: 7
  • Price/Unit: $328,571
  • Price/SF: 241.50
  • GRM: N/A
  • CAP: N/A
  •  
  • 4401-4403 Exposition Blvd Los Angeles, CA 90016
  • Sold: $688,000
  • Units: 4
  • Price/Unit: $172,000
  • Price/SF: $250.36
  • GRM: 14.69
  • CAP: 4.22%
  •  
  • 8809 Etiwanda Ave Northridge, CA 91325
  • Sold: $2,125,000
  • Units: 13
  • Price/Unit: $163,462
  • Price/SF: $258.45
  • GRM: 13.91
  • CAP: 4.17%
  •  
  • 3933 Marathon St Hollywood, CA 90029
  • Sold: $4,250,000
  • Price/Unit: $193,182
  • Price/SF: $328.92
  • GRM: N/A
  • CAP: N/A
  •  

Elliot@Mviproperties.com

Deal Of The Day: 28 Units Hollywood

Market Status: ON

This deal is a bit interesting.  We have been tracking the deal for quite some time.  It originally was listed at $5.6M which was clearly way out of range.  Recently there has been a price drop to the property and it looks a bit better.  The owner is firm at this $5.1M price and it is not even worth submitting unless it's at that number.  The numbers aren't there to get in and flip this deal at 5.1M but I think there is a play if you are holding long term.  Take a look at the setup sheet below and if it looks interesting give us a call.  The seller is ready to go! 

Elliot@Mviproperties.com

Closed Transactions: 6/6-6/13

SEE SOME OF THE RECENTLY CLOSED MULTIFAMILY SALES IN GREATER LOS ANGELES FROM LAST WEEK.  INTERESTED IN A CERTAIN AREA?  LET US KNOW SO WE CAN SEND YOU CLOSINGS YOU ARE INTERESTED IN!

 

  • 14639 Burbank Blvd Van Nuys, CA 91411
  • Sold: $16,600,000
  • Units: 52
  • Price/Unit: $319,231
  • Price/SF: 252.20
  • GRM: N/A
  • CAP: N/A
  •  
  • 831 S Wilton Pl Koreatown, CA 90005
  • Sold: $1,135,000
  • Units: 6
  • Price/Unit: $189,167
  • Price/SF: $199.44
  • GRM: 14.93
  • CAP: 3.27%
  •  
  • 2222 Cambridge St Koreatown, CA 90006
  • Sold: $2,084,000
  • Units: 18
  • Price/Unit: $115,778
  • Price/SF: $229.92
  • GRM: 11.90
  • CAP: 4.60%
  •  
  • 14417 Tiara St Van Nuys, CA 91401
  • Sold: $3,000,000
  • Units: 15
  • Price/Unit: $200,000
  • Price/SF: $243.66
  • GRM: N/A
  • CAP: 4.01%
  •  
  • 1719 N Wilton Pl Hollywood, CA 90028
  • Sold: $4,320,000
  • Units: 24
  • Price/Unit: $180,000
  • Price/SF: $448.32
  • GRM: N/A
  • CAP: 4.50%
  •  
  • 11839 Magnolia Blvd Valley Village, CA 91607
  • Sold: $5,875,000
  • Units: 26
  • Price/Unit: $225,961
  • Price/SF: $152.50
  • GRM: 15.10
  • CAP: 3.75%

ELLIOT@MVIPROPERTIES.COM

Deal Of The Day: 40 Units Koreatown

Market Status: ON

You don't see these big properties hit the market everyday in strong rental markets.  This property features mainly renovated units as well as gated parking (48 parking spots).  This property was built in 1968 which puts it under rent control unfortunately.  Once again, we believe this to be a solid upleg if you are looking to get into a bigger long term project.  This building contains mostly 1+1's with a few other unit types.  If you have any questions regarding this opportunity feel free to reach out!  

Elliot@Mviproperties.com / (626) 716-2198

Deal Of The Day: 19 Units Van Nuys

Market Status: ON

If you are interested apartment buildings in the San Fernando Valley this may be of interest to you.  The numbers on this deal seem to be pretty good considering what else we have seen out there.  This deal hit the market earlier today.  The building has ample parking in the rear as well as on-site laundry that brings in a bit of extra income ($300).  If you like the valley I think this is a great exchange opportunity with still a bit of upside.  Rent roll has the 1+1's mostly in the 900's but some of the 1+1's are as high as $1,250.  Contact us if you would like to know more about this opportunity.

Elliot@Mviproperties.com / (626) 716-2198

Closed Transactions 5/30-6/6

See some of the recently closed multifamily sales in greater Los Angeles from last week.  Interested in a certain area?  Let us know so we can send you closings you are interested in!

 

  • 232 N Verdugo Glendale, CA 91206
  • Sold: $3,000,000
  • Units: 11
  • Price/Unit: $272,727
  • Price/SF: $339.67
  • GRM: 18.90
  • CAP: 3.27%
  •  
  • 12510 Saticoy St North Hollywood, CA 91605
  • Sold: $2,050,000
  • Units: 12
  • Price/Unit: $170,833
  • Price/SF: $232.11
  • GRM: 11.62
  • CAP: 5.34%
  •  
  • 1260 & 1270 W 39th St, CA 90037
  • Sold: $2,675,000
  • Units: 19 
  • Price/Unit: $140,789
  • Price/SF: $231.84
  •  
  • 831 Wilton Pl Koreatown, 90005
  • Sold: $1,135,000
  • Units: 6
  • Price/Unit: $189,167
  • Price/SF: $199.44

Elliot@Mviproperties.com

Deal Of The Day: 23 Units Glendale

Market Status: ON

For those of you who like the Glendale market we figured we would show you this one today.  This is an on market deal that just hit today so I'm sure there will be some eyes on it. Glendale is nice because it is a non rent controlled rental market with low vacancy rates.  It looks like the owner has done some work on this building to keep it up to speed.  There are 20 on-site parking spots as well as laundry facility. Current owner spent $200k on the current remodel.  If this looks like something of interest please let us know and we can point you in the right direction.

Elliot@Mviproperties.com

(626)716-2198

Value for Multifamily

Multifamily:

1. Every Monday our blog will feature a list of properties sold within the last week that we find interesting.  We will break these down by zip codes.  Anyone can spend the time to pull public records or use databases but we are going to do all the leg work for you. 

2.  Deal of the day (DOTD) - These are on market and off market deals that we will either post daily/every other day(this will depend on when we see good deals).  Sometimes multiple deals will get posted in one day if there are multiple good deals to take a look at!  We understand that on market multifamily deals are in most cases double ended (represent both sides) by the listing broker.  However, we have represented people with on market deals if we feel that the situation is right. It is more important that our client has a fair chance at getting the deal than us representing them.  We will always let you know if the deal is on or off market and post the listing brokers information.  We believe providing value to investors this way will show them that we are very transparent.  The goal is to simply help you guys out.

 

Some of the other categories will have relevance to the people interested in multifamily as well!

 

Please email us if you have any suggestions of topics you would like us to touch on.

Elliot@Mviproperties.com

Value for Residential

Residential:

Every residential client is going to want to know different things when it comes to buying or selling a home.  We will be providing information about all different areas and what the housing market is looking like in those areas.  Why are people moving to this area?  What kinds of restaurants and bars are in this area?  What direction is this area heading in? We will be providing relevant content that prospective buyers and sellers will find very useful.  Our MVI residential broker's and agent's provide much more value than simply drafting up a contract and explaining it to you. 

 

If there is a certain area or topic you would like us to touch on please email us.

Elliot@Mviproperties.com

Value for DTLA Commercial

Commercial Owner's/Prospective Tenants of DTLA:

A lot is happening in Downtown Los Angeles right now.  New places are popping up left and right.  Owner's are trying to attract the right tenants and the tenants are trying to find the right places!  We plan on providing lease comps for prospective tenants and owner's to take advantage of.  We will also feature the places we think are very note worthy as they come into Downtown.  With so many exciting things to come I think you guys will appreciate the posts regardless if you are in the market as an owner or tenant. 

 

Want to know about something specific?  Shoot us an email.

Elliot@Mviproperties.com

Value for Property Management

Property Management

Property management posts will include updates about where the rents are going in certain areas.  This is valuable for property owners to know just how far people are pushing the limits.  We will break down the high and noteworthy asking rents that we see in some of the most popular neighborhoods.  In addition, we will also mention noteworthy events happening in each neighborhoods which could have an affect on where the rents are going in certain pockets.  We think this will be valuable for investors and property owners who may own nearby.