659 Imogen Ave
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The sale of 659 Imogen Ave involved two side-by-side fourplexes in one of Silver Lake’s most established rental pockets. While the properties went under contract quickly, diligence issues forced a reset before a second buyer stepped in and closed the transaction within weeks.
Background
659 Imogen Ave was part of a side-by-side fourplex offering located just south of Sunset Blvd in Silver Lake. The properties were positioned in a consistently strong rental market attracting families and young professionals working across creative, media, and professional services industries.
Each unit featured hardwood flooring, in-unit washer and dryer, generous storage, and functional layouts with strong natural light. Property amenities included gated entry, a shared front yard, a large communal outdoor area, 8 tandem parking spaces, and separate gas and electric meters for each unit.
Together, the properties sat on a combined lot exceeding 15,000 SF, offering scale, layout efficiency, and long-term optionality in a neighborhood where multifamily turnover remains limited.
After holding the properties for several years, ownership decided it was the right time to exit and capture value in a Silver Lake market that continued to reward well-located, value-add assets.
Challenge
Within 1 week of the listing going live, both properties were under contract. During the due diligence period, however, the buyer identified multiple items of unpermitted work and requested a substantial credit.
Negotiations stalled as the parties were unable to bridge the gap between pricing expectations and the scope of the requested concessions. Ultimately, escrow was canceled, requiring a full reset of the process while preserving momentum and credibility with the broader buyer pool.
Result
2 weeks after canceling escrow, a new buyer was identified who understood the location, building configuration, and long-term potential of the combined site. The buyer was comfortable underwriting the existing condition and focused on the opportunity to execute multiple value-add improvements over time.
Escrow opened in early January and closed 30 days later at a purchase price of $3,000,000. From signing the listing agreement to closing, the sale of 659 Imogen Ave was completed in approx. 90 days.
Despite the reset mid-process, the seller achieved a timely exit, while the buyer acquired a well-located Silver Lake asset with scale, outdoor space, and a clear path to future improvements.
Story Details
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659 Imogen Ave
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