Ample Hills Creamery
1824 Hillhurst Ave. Los Angeles, CA 90027
PRICE:
$3,825,000.00
Price / SF:
$1,735.00
Cap Rate:
5.17%
Building Area:
2,204 SF + 1,828 SF
Tenants
Ample Hill Creamery
Challenge
Solution
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Sellers wanted to pre-market the property before tenant had taken occupancy.
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No sales comparable available to justify pricing in the immediate area due to high barrier to entry market.
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Building price per square foot extremely high at market CAP rate and building was unique craftsman architecture build over 100 years ago.
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Through customized highly stylized marketing began marketing process early highlighting properties unique features and higher barrier to entry features.
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Successfully guided local investor and their advisor through the substantial improvements seller had made as well as tenant improvement dollars spent on structure creating a new basis for depreciation. Sold for near record price per square foot for the LA market at $1,725 per square foot in 4 month marketing process in which tenant opened only one month before buyer closed escrow in less than 30 days.