I just sold the highest priced L.A. fourplex east of Sunset Blvd.*
At the time of writing, 3335 Cazador St. is the highest priced fourplex ever to sell in Los Angeles east of Sunset Boulevard, other than one famous Rudolph Schindler architectural sold in 2015. The east side of Los Angeles is changing fast, and it’s important to know just how much you can push the market if you can reposition the right property.
The seller of 3335 Cazador and I bought it just one year ago for $1,180,000 and sold it last month for $1,855,000. What changed in a year? We knew that the rents could be much higher than the current rents, and, one-by-one, the seller paid the tenants to move out so he could renovate and capture high market rents. And believe it or not, the new owners did NOT overpay. They bought the property, fully rented, at a low 12.78 GRM! You better believe the new owners are making good cash flow on that.
So why did the seller sell? With the equity from the property, he upgraded to a 6-unit building in another under-appreciated area, where he snagged a new deal. We’re currently selling one of his other properties, so he’ll have the equity to renovate his new 6-unit property, and add even more equity to his quickly growing fortune.