Distressed Sale – Seller Was Long Distance Owner Motivated by Time of Closing & Cash Deal
55 Units in the City of Commerce
Seller’s Family was the Original Builder
Comprised of: 40-Unit Property & 15-Unit Property
7.6% Market Cap Rate at Time of Closing
Sold for $115,000 Per Unit ($6,300,000 for Whole Package)
Buyer Purchased as their 1031-Exchange property *Buyer had already sold their down-leg property (property which had to be sold in order to do the exchange) and was in a position to buy. Had the Buyer not already sold their down-leg property the Seller would not have considered their offer.