Don’t get excited. I’m not breaking my prohibition against selling any more properties.
4443 Willow Brook is a 10 unit complex Jon and I renovated in 2010-11 via our old entity, Better Dwellings. We sold it in 2012 for $2.1MM, which was around 10x the rent.
We made a bunch of money on the deal, but nowhere near as much as the new owners are going to make if they get anywhere near their $3.2MM asking price. (Note that the equity partner forced us to sell, which is why we don’t give that right away any more.)
For what it’s worth: 4443 Willow Brook is a pretty good property. It lacks parking, but the neighborhood is improving rapidly (partially due to us!) and the units are pretty well designed (despite being small) and have private outdoor space.
I would not pay $3.2MM for it. But I think someone could pay $3.0MM and feel like they’re getting a decent deal.
If you have ~$1MM and want to buy an apartment building in East Hollywood, get in touch and we’ll help with this one… we definitely know where all the bones are buried!