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12/03/20
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In a recent multifamily sales comp from L.A.’s Westside, an eight-unit property traded for $2.85 mil, or $356k per unit. The property, located at 1332 Wellesley Ave, south of Wilshire Blvd, north of Santa Monica Blvd, and west of Bundy.was purchased by a private investor.
The two-story apartment complex includes five two-bedroom units, two one-bedroom units and a single. The property sits on a 7.4k sf lot with seven single-car covered garage spaces in the rear. Many of the units were recently upgraded with shaker cabinets, wood style flooring, quartz counter tops and stainless steel appliances. The building features spacious balconies and an on-site laundry room.
Showcasing its excellent location, the property has a Walk Score of 93, a Bike Score of 79 and is within proximity to public transportation. At the time of the sale, the property was 100% occupied and all tenants were paying rent through the COVID shutdown.
James Tang and Kevin Kawaoka, CCIM, with NAI Capital Commercial’s Multifamily Services Group represented the buyer and the seller, a family trust.
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