Wednesday, January 15, 2014

New listing for 2014! 824 Westmount Drive, #2, West Hollywood 90069 - Large 1,718 Sq Ft Chic Contemporary Condo in Central West Hollywood - Offered at $899,000

Adner Realty Group is pleased to present our newest listing, 824 Westmount Drive #2 in West Hollywood.  This 3 bedroom, 2.5 bath condo is offered at $899,000.

This spacious 1,718 sq ft unit is located on one of West Hollywood's best blocks -- Westmount Drive between Santa Monica Boulevard and Melrose.  The building has only 3 units.  Homeowner's Association Dues (HOA) are $650 per month.

The ground floor has a living room and den, each with its own deck, dining room, and gourmet kitchen with stainless steel appliances and a half-bath.

Upstairs there are two master suites, each with its own European-style bath.  A third bedroom can also serve as an office.

The architectural details, the high ceilings in master and living room area, and the contemporary fireplace set this condo apart.

The unit comes with two side-by-side parking spaces and a storage unit.

Please contact us by calling (310) 845-6810 or emailing us at if you'd like more information.

Wednesday, September 11, 2013

Just Listed! 6570 Colgate Avenue Los Angeles 90048 - 3 br, 1.75 ba Character Spanish Home in the heart of the much-sought-after Beverly Grove Neighborhood

Adner Group is pleased to present our newest listing, 6570 Colgate Avenue, a 3 bedroom, 1.75 bath Spanish character home is located on a picturesque tree-lined block in the heart of the Beverly Grove neighborhood. This home is offered at $1,298,000.

Enter the inviting front courtyard and proceed to the generous living room with fireplace and vaulted ceiling, the formal dining room, and the large kitchen with ample area for seating

Continue down the central hallway to a large master bedroom with attached office, and outside to a private rear yard with a covered patio

The 6,046 sq ft lot abounds with mature landscaping and fruit trees, and includes a garage that can be used as a bonus room / office

Period details including inlaid hardwood floors, coved ceilings and an antique tile roof.  Upgrades include seismic retrofitting / bolting, copper plumbing and a 200 amp electrical service.

Click on this link for the complete property listing.

Please contact if you'd like more information about this home or other homes in the Beverly Grove neighborhood.

Monday, April 15, 2013

Mini-Case Study #2: 827 E Edgeware Road 90026 - Purchase of a Fourplex in the Up-And-Coming Downtown Los Angeles-Adjacent Neighborhood of Angelino Heights

Adner Realty Group is pleased to announce the closing of 827 E Edgeware Road, a fourplex in the Angelino Heights neighborhood of Echo Park, in the shadow of Downtown Los Angeles.

The sale closed on April 11, 2013 with a list price of $890,000 and a final contract price of $970,000.  Adner Realty Group represented the Buyer.

The building is comprised of four 1 bedroom, 1 bath units, each measuring approximate 1,000 sq ft.  The lot is 4,064 sq ft.  There is no on-site parking.

Two units were delivered vacant.  Two units had legacy tenants with rents approximately 30% below market.  Total monthly income is estimated at $87,000/year or 11.1 GRM.  (Income and expense information was not available at the time of sale to determine the cap rate.) 

Fully occupied, rents average approximately $1.79/sq ft/month.

A few takeaways from this sale:

  1. Location, location, location - We are bullish on Angelino Heights / Echo Park, and we think that the housing stock of period buildings, proximity to Downtown Los Angeles, and high quality tenants who gravitate here make this neighborhood one of our top three target areas for investment in Los Angeles.
  2. The multifamily market is highly competitive - and Buyers who desire quality properties must bid aggressively to get them.  Our client went nearly 10% above the asking price to acquire this prime asset.
  3. Expect multiple offers when submitting offers - in this competitive market, lowball offers are dead in the water.  (This property received multiple offers the first day it was on the market.) Calibrate your bid to where you think the market is, and don't hesitate to offer above the asking price.
  4. Your agent is your key to sealing the deal - The value of your agent is their ability to uncover quality properties, analyze and interpret market signs, negotiate your deal, and ultimately vanquish competitors.   Choose your agent wisely.

Thinking of buying or selling an apartment building?
Have a question about the multifamily market?
Please call us at (310) 845-6810 or email us by clicking on this link.
We'd love to hear from you.