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8/25/17
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A 28-unit multifamily property located at 14618-14624 Wyandotte St in Van Nuys traded hands for $5.7 mil. Constructed in 1956 and 1957, the two buildings are subject to Los Angeles Rent Control.
The price works out to $203,571 per unit, which is the highest price per unit ever recorded for rent controlled apartments within the 91405 (North Van Nuys) zip code, according to CoStar. The buildings sold for over $232 per square foot, which also set a record as the highest price per square foot for mid-size (15 units or larger) apartment properties in that same area.
The buildings were fully occupied and, based on in-place income, the property sold for a 13.85 GRM and 4.24% CAP Rate. Rick Raymundo with Marcus & Millichap represented the seller, a private LLC. The buyer, a private individual, was represented by Michael Isaac Shokrian. Financing was provided by Marcus & Millichap Capital Corporation.
"Several large developers have recently purchased a stake in the 91405 zip code," explains Raymundo. "The already solid fundamentals, when combined with the new construction in the immediate area, have helped propel rent growth that is well above the Los Angeles average."
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