|
|
6/30/16
|
A fully occupied, 12-unit apartment property in East Hollywood sold for $2.4 mil, or $200k/unit. The property, located at 4351 Normal Ave, south of Santa Monica Blvd and just east of Vermont Ave, was acquired by a Los Angeles-based 1031 exchange investor.
Built in 1918, the renovated property includes four studio units, two one-bedroom units, and six two-bedroom units. It is located in a prime location near the 101 Fwy and is just four blocks from the Red Line Metro station. It also offers easy access to Silver Lake and Koreatown and is walking distance to LA City College, which is undergoing significant campus improvements such as a new and advanced technology learning facility, expanded athletic/fitness, and child development centers.
Bryan Glenn with Charles Dunn Company represented the seller, a private Los Angeles-based investment company. The buyer was repped by Nourmand & Associates. The closing cap rate was 5.4 percent.
“The East Hollywood neighborhood has been seeing a strong amount of gentrification recently, attracting young Millennials who are seeking updated apartments like this one,” observed Glenn. “This trend allowed the seller to achieve favorable rental rates and therefore he decided to take advantage of the elevated property value created by these rents by selling the asset. We attracted a buyer who liked the great condition of the property and cash flow, and believes growth trends for the area will continue.”
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
