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11/13/23
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An eight-unit apartment property in Los Angeles’ Hancock Park area sold for $2.75 mil ($344k/unit). The asset traded at a cap rate of 4.30% and a gross rent multiplier of 14.79.
Built in 1938, the value-add property is located at 443 S. Norton Ave, north of Wilshire Blvd and west of Western Ave. The asset is subject to Los Angeles’s rent control laws. It consists of all one-bedroom/one-bath apartments.
Jason Tuvia with Marcus & Millichap represented the seller and secured the buyer, a private investor. The sale closed escrow in less than 30 days in an all-cash deal.
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