SOLD – Silver Lake 4-Plex + 2 Bonus Units
Purchase Price: $1,525,000
Sale Price: $2,200,000
This Spanish Style 4-Plex + 2 Bonus Units is located walking distance from Silverlake Junction, the hippest intersection on the Eastside. Typically, cash-on-cash returns are relatively low in this neighborhood as the best properties are purchased at a premium by investors parking cash or in need of an immediate 1031 exchange.
On behalf half of our Client, Figure 8 purchased the property, negotiated 2-units delivered vacant, oversaw the full renovation of both units, leased the units at top market rates and managed the property. To created added value, Figure 8 designed, built-out and furnished 2 AirBnB units in the rec room loft and garage studio spaces.
- Even while leveraged at a conservative 65% of the purchase price, the stabilized cash-on-cash operating returns were an impressive 12.5%
- With only an initial investment of $700k, Figure 8 generated a net profit of approximately $450k for our Client. An impressive 64% Return on Investment in less than 2 years.
- The Client has now moved on to their next value-add property, a vacant 7-unit in Silverlake with huge upside potential!
Buy, Renovate, Sell, Repeat!