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3/17/20
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A five-unit apartment property in L.A.’s Silver Lake neighborhood sold for $1.775 mil, or $355k/unit. The property is located at 2264 Duane St, north of Sunset Blvd about midway between Silver Lake Blvd and the 2 Fwy.
The property, built in 1916 and subject to rent control, consists of three separate structures with four of the five units fully renovated. It sold for $652/sf, what we’re told is the highest price per square foot in Silver Lake for a rent-controlled property.
Jason Tuvia with Marcus & Millichap repped the seller. The buyer, a private investor, was repped by Travis Traweek at Stepp Commercial. The property traded at a cap rate of 4.67% and a 14 GRM. The buyer was in a 1031 exchange.
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