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5/25/17
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In a recent multifamily sales comp from West Hollywood, a 10-unit property from the 1950s sold for $2.55 mil, or $255k/unit. The property, located at 8261 Fountain Ave, east of La Cienega Blvd and south of Sunset Blvd, traded at a 2.35% cap rate.
The property is situated on a 8.1k sf lot and features a mix of studio, one- and two-bedroom units, along with 10 covered parking spaces, tenant storage and on-site laundry.
There were 27 offers for the property. The buyers, who live in the Los Angeles area, were attracted to the rental upside and generous lot size of the property, in addition to the prime West Hollywood location.
Adrienne Barr of Berkadia represented the seller in the deal. The sales price reflects a price of $315 per square foot.
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