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4/01/22
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A 24-unit rent control apartment property in Los Angeles traded hands in a recent transaction worth $8 mil, or $333k per unit. The property is located at 1820 El Cerrito Place, on a tree-lined residential street just north of Franklin Ave near the border of Hollywood and Hollywood Hills, in the cultural and geographical heart of Los Angeles.
Built in 1964 with three levels of residential over a one-level parking garage podium with 28 spaces, the unit mix includes 20 one-bedroom units and four two-bedroom units averaging 733 sf in size. The property includes an elevator, on-site laundry, and secured front entry.
Avison Young’s Peter Sherman, John Tronson and Steven Tronson represented the seller, a locally based private investor. The buyer was self-represented. The property is considered to offer a value-add opportunity for the buyer.
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