Press Release
Iconic Investment’s Peter Strauss sold Casa Cabrillo Apartments, a 16-unit apartment building at 2731 W. 15th in Los Angeles for $2.2 Million.
The sale price equates to $137,500 per unit, $227 per square foot, 12.88 GRM, and a 3.97% Cap Rate. The property was purchased all cash without bank financing.
Iconic Investment’s marketing efforts generated eight competitive offers ranging from $1.85 million to $2.2 million. The property closed escrow $120,000 above the listing price, which set a new record for the Pico-Union sub-market.
Casa Cabrillo Apartments is located in the heart of Los Angeles’ historic Harvard Heights neighborhood west of Downtown Los Angeles. Built in 1927, Casa Cabrillo Apartments has a blend of 4 one-bedroom and one-bath units and 12 Studio units. The property offered tenants street parking and is master metered for gas.
“Casa Cabrillo was a great opportunity to purchase a well-maintained asset that draws interest from Millennials because of it’s old world charm and character” said Peter Strauss, principal of Encino-based Iconic Investments who represented the seller, Peter Larsen of Prana Investments, and the buyer Saint Sophia Cathedral Foundation.
Strauss also represented Prana Investments when they purchased the property in October of 2007.
Iconic Investments is a Los Angeles-based boutique commercial real estate brokerage firm focusing on multi-family properties of 15 to 100 units throughout Los Angeles in all different sub-markets. Iconic represents multi-family property owners in dispositions, acquisitions, and 1031 exchanges.
WHY LIST WITH ICONIC INVESTMENTS?
Properties exclusively listed with Iconic Investments get the most exposure of any property listed by any firm. We commit to a comprehensive marketing plan that exposes your property across multiple platforms and to a wide range of buyers and agents. Contact us today to find out more!
Iconic Investments
16530 Ventura Blvd
Suite #409
Encino, CA 91436
T: 747-444-3303
E: info@iconicinv.com
W: www.iconicinv.com