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April 14, 2021
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SOUTHERN CALIFORNIA NEWS
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Apartment Building in West Los Angeles Goes for $339k/Unit

3/31/21

A nine-unit apartment property in West Los Angeles traded for $3.05 mil, or $339k per unit. The buyer was a Los Angeles-based private family trust.

The property, located at 11285 Charnock Rd, is within the Mar Vista neighborhood, near the major cross street of Sawtelle Blvd between Venice and Palms Blvd. Built in 1977, the two-story property includes a mix of one- and two-bedroom units as well as a studio unit, and is highly visible from the hard corner of Sawtelle Blvd.

Mark Ventre and Darin Beebower with Stepp Commercial represented the buyer and the seller, a private family trust. The buyer is likely to make cosmetic upgrades and improve the cash flow over time. The closing cap rate was 4.03%.

“The seller had owned this asset for nearly 20 years,” said Ventre. “We worked with the seller to trade into an El Pollo Loco property in Thousand Oaks, as their goal was to exchange into a single-tenant retail property in order to enjoy steady cash flow without the heavy lifting of managing and maintaining an apartment building.”




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