The following case study describes our process selling our recently closed property at 1426 Allison Avenue, Los Angeles, CA 90026.

Deal Story

We received a call from a client requesting we put together a Brokers Opinion of Value (BOV). We had never put together a pricing evaluation for this client in the past, but we had been in contact with the owner for many years – constantly adding value in each phone call/email correspondence.

When we met at the owner’s house to discuss pricing and our marketing strategy, we noticed several pricing evaluation booklets from other brokerages that were competing for the business. Come to find out, our pricing was approximately 10% higher than the next highest opinion of value. During our meeting, we were able to demonstrate our extensive list of closings in this submarket and explain how we were going to market the building.

We ended up winning the business over the other brokerage teams and hit the ground running the first week of March. We received five competitive offers within the first two weeks of marketing the building and the seller ultimately selected an offer close to the asking price with a 45 close of escrow. The buyer was in a 1031 exchange having sold a duplex in West Hollywood and now in escrow for 6 units in Echo Park.

The buyer removed physical contingencies within the agreed upon due diligence period (14 days) and we scheduled the appraisal inspection two weeks after that. Because we were in direct contact with the loan officer and bank, we were able to streamline the process and more effectively communicate with all parties involved with the transaction. The appraisal team was able so quickly that the buyer was able to close escrow 8 days sooner than the originally proposed close of escrow date.

Both parties walked away from the deal very happy. The seller was able to walk away from the deal knowing that we maximized the price relative to where the other brokerages priced out the building. The buyer was able to triple his unit count in a highly sought-after Angelino Heights location and double the income.

Find out how we can help you sell you commercial real estate property. Call KingSide today.