The 16-unit apartment building at 1314 Sutherland Street needs some work. But apparently that didn’t matter to buyers after the building went on sale in early May after being family owned since 1949. The unusually low asking price of $679,796 attracted a flood of interest, prompting the sellers to raise the price to $799,000 only one day after the building hit the market. The offers kept coming in before the property, located next to the parking lot of El Compadre bar and restaurant, was sold on June 20 for $903,000, according to Redfin.
Agent David Bramante*, who was not involved in the sale, was told there were about 25 offers, 17 of them in writing. A Beverly Hills buyer with an all cash offer was the winner of the bidding, Bramante said. The winning buyer had offered to pay $953,000 in cash but the seller reduced the price by $50,000 during escrow in light of deferred maintenance, Bramnate said. “The property has some challenges and it’s hard to say how the investment will turn out for the buyer,” he said.
The building, built in 1926, has 16 units, so an onsite manager is required. However, there were a few vacancies at the time of close, said Bramante. “These factors are beneficial because they will allow the new owner to come in and immediately renovate units.”
*Bramante is an Eastsider advertiser.