Located in the Hollywood Dell area, this home features 3,502 sqft. Originally built in 1979 with few upgrades over the years, Mager Capital was able to purchase this asset for $1.69M. We are converting this into the quintessential modern bachelor pad with a separately accessible unit that can be used as a music studio or for another business purpose. Technology, black stainless, and glass are our main focus within this project in order to benefit from the million-dollar view. The timing of this project is impeccable, with almost no inventory on the market, we expect a bidding war! With an excellent team, we have been able to rehab this property far below the industry norm CapEx cost. We anticipate an estimated $1,000,000 profit.
Located in Beverly Hills post office, this home features a legal 2,274 sqft. with an additional 400 sqft of unpermitted additions that are in the process of being permitted. We will increase the sqft to 4,100 and list the property for sale. Originally built in 1954 with some upgrades over the years, Mager Capital was able to purchase this asset for $1.5M ($150K below market) and we will come back to market around $3.8M. This property will feature a Japanese-style spa with a Zen garden to include a pool & jacuzzi, complemented by a sauna and Japanese bridge that connects the amenities. We sold this property today for $250,000 more than we paid without any rehab.
Located in Bel Air on the iconic Sunset Blvd. This home boasts 5,065 sqft. with 5/Br & 5/Ba. Originally built in 1941 with dated upgrades over the years, we were able to purchase this asset for $2.5M @ 50% of upgraded market value. We are currently in the process of a complete makeover and will re-list this property for around $5M, anticipating an estimated $1,500,000 profit. Unfortunately, John Edward Yarbrough, a sophisticated Con-Man, embezzled nearly $600K from the construction draws, which derailed this project. We are seeking criminal prosecution at this time and asking anyone with any information on this man to please come forward.
Located in the eclectic art district of Echo Park, this duplex is currently in process of an ADU addition, which we will then convert into a 5+ ADU- Multi-Family asset, taking advantage of the new California ADU benefits. Our end game is to hold onto this property for the high rental income the area achieves. We started with a $1.1M value on 2-Units and will achieve a $4.5M+ income valuation upon completion. This section of Echo Park commands $3.5 to $4.3 PSF as a rental and is in high demand, without the need for high-end finishes. This is a long-term, rental-income asset that we will keep in our portfolio.
Westlake Village speaks for itself. We executed this purchase all cash within a week due to the limited availability of these condo units. The rental market is extremely hot in Westlake and the lower price point properties rarely come to market so we jumped on the opportunity. Understanding that sub $750K properties were going to increase in value due to demand, we made the purchase without contingencies. We rehabbed the entire unit and will keep this within our portfolio as a long-term hold.
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