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SOUTHERN CALIFORNIA NEWS
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Apartment Building in L.A.ís Melrose Area Goes for $330k/Unit

2/29/24

A 10-unit apartment property in Los Angelesí 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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