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11/28/22
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A 10-unit apartment property located in L.A.’s Echo Park area sold for $3.8 mil, or $380k/unit. Built in 1966, the property is located at 1330 Portia St and is subject to Los Angeles rent control.
The property consists of one studio/one-bathroom ADU unit, one one-bedroom/one-bathroom ADU unit, seven one-bedroom/one-bathroom units, and one one- bedroom/one-bathroom unit with a full private basement. Most of the rents were near market rate. The property had two vacancies at the time of sale.
Jason Tuvia with Marcus & Millichap represented the seller, Proper Portia LLC, a local multifamily developer, in the deal. The buyer, 1330 Portia LLC, was in a 1031 exchange and purchased the property all cash. The property sold at a 5.20% cap rate and a 13.49 GRM as a fully renovated turn- key product.
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