What an Operator Sees
I'm tracking this because I think it trades closer to $5M. At that price, you're buying West LA at about 172K/door and $262/SF, which gets interesting. The biggest negative is how close it is to the freeway, but that seems to be getting reflected in the price. There is also additional upside in rents and the owner did the retrofit. This looks like a fit for an investor looking for a potential 6% cap and pro forma cap north of 7%. I will be watching this to see where it ultimately trades. Under 200k/door in West LA gets my attention.