Investor · Rockville, MD · Member since 2012 · 5 posts · 2 votes
Hello All,
I have a duplex that I put on the market in Los Angeles 30 days ago and it has been really slow for showings and no offers. One of the units is vacant and updated which I thought would make for a good owner occupier opportunity, as that is how I used the duplex before moving across the country. The rented unit is bringing in $1750 which is just a little below market rate and the tenants are very stable and have been in the property for 5 years. I thought I would put it here to get some input from the community as to what I could be doing better in order to get it sold or if the market is just a little difficult right now for multifamilies in LA. Thank you!
Real Estate Agent · Venice, CA · Member since 2015 · 182 posts · 125 votes
5y
West Adams is RED HOT right now. Anything reasonably well priced will have a ton of showings and get snapped up with multiple offers. You are on a very busy street which has a major impact on value. Many people looking to live in the property won't consider living off a busy street. 2nd is the property is tenant occupied which makes it harder to sell, especially during Covid.
In West Adams 31 DOM means it's overpriced. Either buy out the tenant or lower the price.