Just Closed | 6 Units in West Hollywood

Just Closed | 6 Units in West Hollywood | 7506 Norton Ave

Sale Details:

Price: $1,675,000

Price/Unit: $279,167

Price/SF: $628.52

Year Built: 1924

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Transaction Overview:

The Liberow Group is pleased to announce the sale of 7506 Norton Avenue, a six (6) unit apartment building located in West Hollywood, California. Our team was referred by a professional acquaintance because of our specialization in the West Hollywood market. After consulting with the seller, it was clear that although this property had been in their family for many years, the required maintenance to upkeep the property was starting to have too much of a negative impact on them, both financially and emotionally.

After creating a strong marketing campaign, we hit the market late last year and generated four highly competitive offers. We were determined to open escrow with the most reliable and qualified buyer, whom this time happened to be represented by another agent within the Marcus & Millichap platform, resulting in a very smooth transaction. Once inspections and negotiations were finalized, contingencies were removed and we closed escrow at a sale price of $1,675,000, equating to a very aggressive price per square foot of $628.52. The sellers were very pleased with the whole process. Per our advice, they are now opting to do a 1031 exchange to move their equity into multiple properties, which will increase their cash flow and eliminate their management responsibilities.

Since 2020, The Liberow Group has been one of the most active teams in Los Angeles County. Collectively, we have closed 68 transactions across various product types, resulting in over $426M in sales. If you are interested in getting a complimentary evaluation done on any of your properties, please let us know – we’d be happy to put one together for you!