The following case study describes our process selling our recently closed property at 1612 S. St Andrews Place, Los Angeles, CA 90019.

The Problem

The property had been under the same ownership for the past 30+ years. With the decision maker declining in health, and the children living out of state, the property was mismanaged for a good portion of the past decade. The rents had not been increased since acquiring the property and there was an extensive list of deferred maintenance that included: roof, termite damage, plumbing, interior damages, and electrical issues. In addition, the on-site manager chose not to cooperate throughout the escrow transaction.

The Solution

Prior to being awarded the exclusive listing, we took an extensive amount of time discussing with the owners the different scenarios and possible outcomes with marketing the building. Upon executing our marketing program, we were able to generate multiple competitive offers. After multiple counters back and forth, we finally agreed on terms with a buyer that was able to pay the highest price, and more importantly, be comfortable with the condition of the property. While in escrow, the lender gave us pushback due to the low income of the property. We were able to overcome this problem by getting the lender comfortable with the buyer’s track record and large schedule of real estate.

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