ANOTHER ICONIC CLOSING!
Iconic announces the sale of The Wilton, a 9-unit apartment building located at 621 S Wilton Place in Koreatown.
Sale Price: $2,285,000
Price Per Unit: $253,888
Price Per SF: $280
The buyer still needs to complete the earthquake retrofit work at an estimated cost of $80,000, and update two vacant units at an estimated cost of $50,000. In addition, all of the units and major systems were in original condition and require updating.
BUYER PROFILE:
Most owners assume international buyers are driving the market and paying the highest prices. In fact, the majority of the buyers today are local owners with other buildings within the immediate submarket.
The buyer of The Wilton already owns nearby and was willing to pay a premium for the convenience of adding another property in close proximity. Asked why he is purchasing the building, his response was, “It’s for my kids.”
The buyer purchased the property with the understanding that it will generate minimal cash-flow today, but will become a valuable asset he’ll be able to pass down to his children in the future.
