The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
June 25, 2024
 Search RENTV
   Go!
 The REview
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?





MULTIFAMILY NEWS
Printer-friendly Version   Email an Associate
San Fernando Valley Apartment Building Sells for $231k/Unit

4/24/23

In a recent multifamily comp out of the San Fernando Valley, a 13-unit property located at 13440 Victory Blvd in Van Nuys sold for $3 mil, or $231k/unit. At the time of closing, five units were vacant and in various stages of renovation.

Rick Raymundo of Marcus & Millichap represented both the seller and the buyer. “The transaction originally went under contract in October 2022, and we helped negotiate escrow extensions to accommodate the seller’s 1031 exchange,” explained Raymundo. “However, this longer escrow period meant that the transaction had to withstand a good amount of market turbulence through the end of 2022 and beginning of 2023. In the end, the buyer still moved forward with the purchase and can now begin the seismic retrofit and interior renovations.”

Based on rents in place at the time of sale, the transaction closed at a 1.56% cap rate and 22.95 GRM. According to Raymundo, once renovations are completed on the five vacant units and rents are stabilized, the anticipated cap rate could potentially reach 5.85%





Return to the Archive page
 


 
 
 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2024 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media