12120 215th Street | Hawaiian Gardens, CA | 90716

Overview

In August 2021, we closed on this 5-unit, value-add opportunity in the city of Hawaiian Gardens. Although featuring newer construction and huge 2-and 3-bedroom units, rents were 50% below market making the purchase price only $209 per square foot. Upon purchase, we began modernizing units and worked with tenants to create long-term leases at market rates. In just one year, we renovated all units, doubled rents, and increased the property’s value by more than 80%.

Results

Rents increased 112% and the property’s appraised value went from $1.45 to $2.7 million. Return was achieved within 24 months outperforming the proposed hold period of 5 years. Partners then refinanced over $350,000 cash out, placing these funds into another investment in Redondo Beach.