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6/30/15
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In a recent LA-area apartment comp, a 15-unit multifamily property in North Hollywood sold for $2.15 mil, or about $143k/unit. The property is located at 6935 Hinds Ave, east of the 170 Fwy and south of Sherman Way.
Constructed in 1963, the property is subject to Los Angeles rent control. It contains two one-bedroom/one-bath units, 11 two-bedroom/one-and-a-half bath units, and two three-bedroom/one-bath units.
The sale works out to $163/sf. Based on in-place income, the property sold at an 11.08 GRM and 4.92% CAP Rate.
Rick Raymundo, a First Vice President/Investments in the Los Angeles office of Marcus & Millichap, represented the seller, a private LLC. "We represented this seller when he originally purchased the property in 2012," states Raymundo. "Selling it now for $2,150,000 after we secured the property for him at $1,470,000 just three years ago translates to a pretty healthy value appreciation of almost 50%."
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