31 Units | Sylmar | Seller Exchanging Out of State
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The successful sale of 13922 Sayre Street located in Sylmar, California.
Property Overview
This 31-unit, two-story subject property constructed in 1964 sits on a 33,214 square foot parcel (.76 acres), and consists of three 1 Bedroom / 1 Bathroom units, and twenty-eight 2 Bedroom / 1 Bathroom units. The property also includes a private swimming pool for the tenants’ use, which is an attractive amenity for tenants with children, especially in the Summertime when the weather in Sylmar gets warm. The Sellers of the property took on some recent capital expenditures in the past couple of years as well. These improvements include updated electrical systems for the units in need, and the installation of a new roof in February of 2021. The Sellers also re-paved both of the on-grade parking lots located on the premises, which account for all 31 tenant parking spaces.
Deal Story
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Our client was interested in selling this property because he was concerned about the local politics in LA County continually becoming worse for landlords, especially for owners of rent controlled properties like this one. He could not sell and cash out due to his extremely low basis in the property and huge exposure to capital gains tax, so he needed to do a 1031 exchange. He decided that he would sell and exchange into out of state apartment buildings where he would be able to add value and increase rents over time, maximizing his built up equity over the past few decades.
If you are interested in learning about out of state apartment opportunities, and to learn what markets our clients are exchanging into, please give us a call. A large portion of our exchange clients are moving their money out of state, and we have a lot of research on the best markets to trade into.
By the end of November 2021, our client found an out of state apartment building that he wanted to buy, and he asked us to list his property for sale. During the week that we were preparing our marketing materials with the goal of launching the...
