Westmoreland = sold
Remember 1239 N. Westmoreland? We put up for sale on the MLS on April 17 for $949,000. On May 19, just over a month later, we closed for $950,000. After selling costs, we netted $920,000 or so.
We bought the property and renovated it in 2009 for a total investment of $680,000. During the time we owned it, we took approximately $100,000 in cash out from the rents.
So the profit was ($920,000 + $100,000) – $680,000 = $340,000. That’s a return on investment of 50% in roughly three years with no leverage.
And, to be clear, this wasn’t just a great deal for us (and our investors). It was also a great deal for the buyers, who are going to be cashflowing out the wazzoo. And the city and county of Los Angeles, which are now collecting nearly triple the property taxes they were when we bought it. And the contractor who did the work (thanks Patrick Jr.!). And the materials suppliers. And the broker who represented the buyers. And, perhaps most importantly, for the street, which went from hosting an ugly, vacant disaster to hosting a beautiful modern apartment building.
Am so proud of our whole team for making this one a big success. Kudos.