Home›Real Estate›Residential›Marcus & Millichap sells 41-unit North Hollywood apart…

Marcus & Millichap sells 41-unit North Hollywood apartment building

The 41-unit multifamily property at 13103 Barbara Ann St. sold for nearly $5.89 million, or about $143,610 per unit, closing escrow at a 5.7% cap rate.

Reported · Written up by our desk · Residential

Marcus & Millichap has finalized the sale of 13103 Barbara Ann St., a 41-unit multifamily property in North Hollywood, according to ConnectCRE.

The property sold for nearly $5.89 million, which works out to about $143,610 per unit, and escrow closed at a 5.7% cap rate based on in-place income.

ConnectCRE said the asset had been under the same ownership for more than 30 years before the transaction, and quoted Rick Raymundo, executive managing director investments, as calling it a rare opportunity to acquire a property of that size with repositioning potential.

ConnectCRE also noted that the buyer plans to make common area and interior upgrades throughout the property.

More like this

Sources