|
|
9/15/23
|
An eight-unit apartment property located in East Los Angeles traded for $1.12 mil, or $140k per unit. The deal closed at $229.89/sf with a cap rate of 4.24% and a gross rent multiplier of 13.62.
Built in 1929, the value-add property is located at 5350 Verona St, east of Atlantic Blvd and north of Olympic Blvd. The unit mix consists of five studios and three one-bedroom/one-bath apartments. The property is subject to Los Angeles’s rent control laws and had significant deferred maintenance at the time of sale.
Jason Tuvia and Kian Maronde with Marcus & Millichap represented the seller and secured the buyer, a private investor. According to Tuvia, the property sold for $45k over the listing price.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
