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COMMONWEALTH 1139

$ 2,200,000
1139 N Commonwealth Ave, ,
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721
sold

SOLD – Silver Lake 4-Plex + 2 Bonus Units

Purchase Price:  $1,525,000

Renovations:  $150,000

Sale Price: $2,200,000

Profit: $450,000

Project Summary: 

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.

Return Summary:

  • 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!

 

AirBnB Links:

The Loft

The Studio

Address: 1139 N Commonwealth Ave
State/County:
Zip: 90029
Country: United States
Property Id : 10856
Price: $ 2,200,000
Property Size: 3,820 ft2
Property Lot Size: 6,250 ft2
Balcony
Garage
Off Street Parking
Hardwood Floors
Spanish
Bonus Room
Stainless Steel Appliances
Trendy Neighborhood
Newly Renovated
Detached Studio
Back House
4-Plex
My details

Nick Fichera

Director of Commercial Real Estate

Contact Me

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