Address: 211 S Ave 57 Los Angeles, CA / 153 S Ave 57 Los Angeles, CA
Leasable Area: 21,528 / 10,294
Units: 32 / 15
Year Built: 1962 /1955
Price: $6,525,000 / $3,175,000
Located in Central Los Angeles, 211 S Ave 57 & 153 S Ave 57 are just blocks away from Arroyo Seco Parkway, local hotspots, and minutes away from three parks – Hermon Park, Ernest E. Debs Regional Park, and Sycamore Grove Park. The owner sold the two multifamily properties totaling 47 units, with some deferred maintenance, requiring the Matthews™ agent to search for a replacement property to satisfy a 1031 Exchange.
Looking to exchange out of the multifamily assets in California and into an out-of-state triple net lease opportunity, the seller was motivated to increase their passive cash flow through executing a 1031 Exchange. Through Matthews™’ proprietary marketing and national database, two NNN buildings were sourced to complete the 1031 Exchange. The buyer is a local investor who purchased the property due to the ongoing in-migration of younger generations into the area.
With the expertise of the Matthews™ agents, the seller successfully exchanged into CVS in Macon, GA, and a Pilot Bank in Tampa, FL, both possessing secure, strong corporate guarantees that fit their investment criteria. The multifamily properties allow for upgrades, which, in turn, will result in rent increases and a higher net operating income (NOI).