934 N Lake Ave, Pasadena

The LAAA Team of Marcus & Millichap is proud to announce the successful sale of these 6 units located at 934 N Lake Avenue in Pasadena, California. Built in 1953, the property sits on 9,247 square feet of land with 3,696 square feet of rentable area and consists of (5) 1-Bed/1-Bath and (1) 2-Bed/1-Bath units.

The hurdles of this deal were not from finding the right buyer, since the winning buyer owns the two parcels next door and was very motivated to purchase this property for the future goal of redeveloping all three adjacent lots. The issue we had to overcome was the fact that this ideal buyer did not have the liquidity for the down payment to purchase this deal. In order to get this deal done, with the help of our in-house lending arm MMCC, we arranged for the buyer to refinance two of her current properties to get the cash for the down payment while simultaneously getting her a loan to purchase this property, and we were able to get all of this done within just a short 25 day escrow period! Furthermore, assisting this perfect buyer with the multiple refinances in order to close escrow was even more imperative because the property had significant deferred maintenance and only this buyer was willing to pay this price and overlook the issues due to her long term redevelopment goals.

This deal story is yet another example why working with a team as skilled as ours is so important. If we were not able to rely on our vast experience think outside the box and come up with a creative solution to get this deal done with this particular buyer, we would not have been able to sell this building at this price to any other buyer in the market. At the end of the day, both the Buyer and Seller got the results they were looking for. Another successful deal in the books!

For more information about this transaction or a complimentary evaluation for your property, give us a call today!

Closing