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October 3, 2023
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MULTIFAMILY NEWS
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Apartment Property in East Los Angeles Sells for $140k/Unit

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 Angelesís 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.




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