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10/04/24
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In a recent L.A. multifamily comp, a five-unit apartment property in L.A.’s Echo Park area sold for $1.45 mil, or $290k/unit and $529/sf. The property is located at 1859 Echo Park Ave, north of Sunset Blvd and east of Glendale Blvd.
The property sold fully occupied with significant deferred maintenance. It consists of four (4) one-bedroom / one-bathroom units and one (1) one-bedroom / one-bathroom unit with a den.
The buyer was a first-time multifamily investor who wanted to own a building near their home. Jason Tuvia with Marcus & Millichap represented the seller in the deal. According to Tuvia, the buyer purchased the property all cash in under 30 days.
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