1408 W. 80th Street
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- 1408 W. 80th Street
After an initial listing generated limited activity, the sale of 1408 W. 80th Street required a reset in strategy and buyer targeting to move a complex South LA value-add asset to closing.
Background
1408 W. 80th Street is a six-unit multifamily property located just east of Western Avenue in South Los Angeles. At the time of sale, the property was operating at a 5.06% CAP rate and offered approximately 40% rental upside. The unit mix consisted of five two-bedroom units and one one-bedroom unit, generating approximately $9,150 in gross monthly income. Two of the two-bedroom units were delivered vacant at the close of escrow, while four units were occupied by Section 8 tenants.
The property had been previously listed with another multifamily agent but saw limited traction. After reviewing recent sales activity in the area, the sellers reached out to Max to reassess the approach and bring the property back to market with clearer positioning.
Max listed the property in early April as interest rates were approaching the mid-6% range. While the vacant units offered immediate upside, the asset also carried a significant amount of deferred maintenance, which caused many buyers to hesitate or pause underwriting altogether.
Result
Recognizing the property was not suited for a broad buyer pool, Max focused outreach on experienced local investors with a track record in South Los Angeles and familiarity with value-add and affordable housing operations. Marketing emphasized the immediate vacancy upside alongside the long-term income potential once renovations were completed.
That approach surfaced interest from a buyer looking to expand an affordable housing portfolio and willing to take on both the renovation scope and tenant profile. Escrow closed approximately 60 days later at a purchase price of $1,100,000.
For the sellers, the outcome provided clarity and closure after a prior listing period that failed to gain momentum. The transaction reinforced the importance of buyer alignment and submarket-specific experience when repositioning an expired listing in a challenging environment.
Story Details
Name
Closed Time
60 Days
Price
Location
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