11817 Culver Blvd, Los Angeles, CA 90066

6 Units + (1) Non-Conforming Bachelor Unit in Del Rey | 7-Day Escrow at 3.53% Cap Rate

Sold: $1,298,500

The Deal Story

CLOSING #19 OF THE YEAR

Sale Price: $1,298,500 (above asking at 3.53% cap rate!)

Units: 7 (6 conforming + 1 non-conforming bachelor unit)

Property Type: Multifamily in a prime Westside location

Unit Mix: (1) 2BR/1BA detached front house, (5) 1BR/1BA units, (1) non-conforming bachelor unit

Buyer Type: Investor represented by outside agent; focused on long-term value and low price-per-pound basis

Seller Situation: Four trust beneficiaries inheriting the property; first sale in 54 years; goal was to liquidate and part ways after years of self-management

Result: Negotiated an above-asking-price offer (3.53% Cap Rate) with a 3-day inspection period, no loan or appraisal contingencies, and a 7-day close

Special Features: Rents approximately 97% below market; recent capital improvements include full electrical panel upgrade, majority of windows replaced, and completed soft-story seismic retrofit

Case Study Summary
This 7-unit property located 11817 Culver Blvd in Del Rey was sold above ask for $1,298,500, which represented an aggressive 3.53% going in Cap Rate. We negotiated the offer to have a 3-day inspection period, no loan or appraisal contingencies, and a 7-day close. With rents running approximately 97% below market, it represented one of the more compelling value-add opportunities on the Westside at the time of sale.

The property had been held by the same family for 54 years and came to market as a trust sale, with four beneficiaries ready to liquidate and move on after years of self-managing the asset. Our team identified a buyer, represented by an outside agent, who recognized the long-term upside and the low price-per-pound basis the offering represented. Glaser Group represented the Sellers and delivered a strong result for the family trust.

Property Highlights

6-unit property plus (1) non-conforming bachelor unit in Del Rey built in 1952/1960 (7 units total)
Trust Sale offered to the market for first time in 54 years!
Mix consists of a 2BR/1BA detached front house, and (5) 1BR/1BA units, plus (1) non-conforming permitted guest room operating as a bachelor unit
On-site laundry room brings in additional income
Strong attached ADU potential in tuck under parking
97% in potential rental upside for investors to realize over their holding period in a tight rental market
Property has (6) on-site parking spaces
Required soft story retrofit was completed
Electrical has been fully updated
Cose to the 405 Freeway entrance giving quick access to Santa Monica, Culver City, and West Los Angeles
Part of a broader 3-Property Westside Trust Sale:
- 11817 Culver Blvd – 7 Units for $1,275,000
- 3674 Empire Dr – 10 Units for $2,400,000
- 4253 Centinela Ave – 6 Units for $1,500,000