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2/29/24
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A 10-unit apartment property in Los Angeles’ Melrose area sold for $3.3 mil, or $330k/unit. Built in 1965, the property is located at 812 N Martel Ave, a block north of Melrose Ave between Fairfax and La Brea Aves.
The value-add property has large units with on-site covered parking available. The current unit mix consists of six one-bedroom / one-bathroom units and four two-bedroom / two-bathroom units.
Jason Tuvia and Nicholas Mejerski with Marcus & Millichap represented the seller. The property was delivered with ongoing tenant disputes and significant deferred maintenance. The deal closed at a cap rate of 5.06% and a gross rent multiplier of 13.27.
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