The following case study describes our process selling our recently closed property at 237 N. Catalina Street, Los Angeles, CA 90004.

KingSide Investment Group of Keller Williams Commercial is proud to announce the successful closing of 237 North Catalina Street, a 10-unit apartment in Koreatown. We sold this property back in 2022 and had the good fortune of being awarded the exclusive listing to sell the apartments again in 2024.

The ownership group felt their objectives and goals for multifamily no longer aligned with the City of Los Angeles. As a result, the owners wanted to sell their existing multifamily units and dive into other product types with less restrictions. During their time of ownership, the owners were able to meticulously renovate half of the units extensively to include quartz countertop, recessed lighting and in-unit washer and dryer.  In addition, they secured plans to build an accessory dwelling unit to further increase the net operating income.

Upon executing our tailored marketing strategy for the property, we were able to procure and receive multiple offers for the seller that translated into opening escrow within the first week of marketing. The buyer was a local investor that owns multifamily units throughout Los Angeles County and was attracted to the existing upside in rents and the improving area. The escrow was fairly smooth; however, we hit a minor speed bump because the buyer was finding it difficult to obtain insurance. The seller ended up having to make minor improvements to the property in order to get the insurance carriers comfortable with offering coverage.  

We are finding that sellers and buyers are having to work in a more collaborative effort now more than ever before to get a property sold.   Our last couple of transactions have required sellers to complete minor improvements to the buildings in order for buyers to obtain insurance. With the difficulties in obtaining insurance, relatively high interest rates, and increasing operating costs, it is imperative that both parties work alongside each other to get the deal to the finish line.

The sale of 237 North Catalina Street is one of only three apartment buildings to sell in Koreatown (90004) within the last three months with a unit count of ten units and larger.  To learn more about this sale, or to receive a free pricing and/or exchange analysis on your multifamily property, please give us a call today.

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