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8/21/24
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A three-property, nine-unit multifamily portfolio located in the East Los Angeles and neighboring Boyle Heights areas of L.A. traded for $3.2 mil, or $355.6k/unit, in sales to three buyers. The deals closed at a combined cap rate of 7.26% and a combined gross rent multiplier of 10.32.
All of the properties had deferred maintenance, and one had limited on-site parking. The unit mix is two two-bedroom / one-bathroom units, five two-bedroom / one and a half-bathroom unit, one three-bedroom / one and a half-bathroom unit, and one three-bedroom / two-bathroom unit. The seller plans on exchanging into a more landlord friendly, out-of-state market.
Jason Tuvia with Marcus & Millichap oversaw the property transaction on behalf of the seller and the buyers.
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