Just Closed | Vacant Duplex | Miracle Mile

Just Closed | Vacant Duplex | Miracle Mile

Sale Details:

Price: $1,710,000

Price/Unit: $855,000

Price/SF: $440.04

Year Built: 1927

.

.

.

.

Transaction Overview:

The Liberow Group of Marcus and Millichap is pleased to present the sale of 860 S. Curson Avenue, a vacant, value-add duplex located in the Mid-Wilshire area.

The listing was referred to us by a colleague in our Encino office who specializes in a different product type. He referred the business to us due to our extensive track record on the Westside, specifically in the Mid-Wilshire area. While we did have to compete with a few residential brokers to win the business, the seller understood that our team was best suited to market the property to the type of buyer he needed, a seasoned investor unafraid of a massive rehab project.

This transaction proved to be challenging due to the two owners significantly disagreeing on how to run the property or how to proceed with the sale, ultimately resulting in a lawsuit between them. While in a typical transaction our job is to broker the sale between a buyer and seller, in this transaction, we were also responsible for brokering the courts and their attorneys, making it a highly challenging and complex task to overcome. Nevertheless, we were committed to helping our sellers overcome these obstacles to help them attain a desirable outcome.

Considering the property was old and practically still in its original condition, we decided to gear our marketing towards buyers comfortable with heavy value-add, new construction, and owner/user buyers. Our marketing strategy proved to be efficient and generated multiple offers. The buyer, an existing client of ours, decided to purchase the property with a vision to perform significant remodels and add value by eventually adding additional units to the property.

Since 2020, The Liberow Group has been one of the most active teams in Los Angeles County. Collectively, we have closed 81 transactions across various product types, resulting in over $463M 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!