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September 19, 2019
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MULTIFAMILY NEWS
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Apartment Building in L.A.ís Los Feliz Neighborhood Trades at 3.42% cap rate

7/11/19

A 16-unit multifamily community in Los Angelesí Los Feliz neighborhood was purchased for $5.45 mil ($340.6k/unit) by an unidentified family trust. The property is located at 2807-2813 St George St, south of Los Feliz Blvd and west of I-5.

Built in 1941, the two-building, two-story courtyard property includes carport parking and features a mix of 12 one-bedroom/one-bath and four two-bedroom/one-bath units. The apartments have individual water heaters, hardwood flooring, and dual entrances.

The property is located in one of Southern California's most exclusive and coveted neighborhoods and sits within walking distance of grocery stores such as Gelson's and Trader Joe's, and trendy new shops, restaurants, and entertainment destinations along Franklin Avenue, Hyperion Avenue, Hillhurst Avenue, and Los Feliz Boulevard. Nearby Los Feliz Village was recently named one of LA's "most walkable commercial districts" by the Los Angeles Times.

Priscilla Nee of CBRE represented the private seller in the transaction, which came in at a 3.42% cap rate. According to Nee, the listing drew multiple offers and resulted in the property trading at $400 a square foot, well above the list price.






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