26 Unit Non-Rent Controlled Mixed-Use Property in Cypress Park
SOLD: $6,100,000 CAP RATE: 6.04% GRM: 9.62 PRICE PER SQUARE FOOT: $302
Lyon Stahl Investment Real Estate's Saghian Group is pleased to announce the successful $6,100,000 sale of 3401–3405 N. Figueroa Street, a 28-unit mixed-use investment property located in the highly sought-after Cypress Park neighborhood of Los Angeles. The property sold for $234,615 per residential unit and $302 per square foot, representing a 9.62 GRM and 6.04% capitalization rate.
Built in 1988, the property consists of 26 residential units and two commercial spaces across two separate parcels. Notably, 24 of the 26 residential units feature two-bedroom floor plans, and the property offers 52 on-site parking spaces. Its newer construction also provides an exemption from the City of Los Angeles Rent Stabilization Ordinance (RSO), subject to applicable statewide rent regulations.
This transaction highlights the continued demand for well-located multifamily investments offering strong in-place returns and long-term growth potential in the Los Angeles market. David Saghian of The Saghian Group successfully facilitated the transaction, delivering a strong result for the parties involved.
Investment Highlights
28-Unit Mixed-Use Property – 26 residential apartment units and two commercial spaces.
Attractive Sale Metrics – $234,615 per residential unit, $302 per square foot, 9.62 GRM, and 6.04% capitalization rate.
Desirable Unit Mix – 24 of the 26 residential units feature two-bedroom floor plans.
1988 Construction – Exempt from the City of Los Angeles Rent Stabilization Ordinance (RSO), subject to applicable statewide rent regulations.
Ample On-Site Parking – 52 parking spaces.
Two Separate Parcels – Offering additional ownership and investment flexibility.
Prime Cypress Park Location – Situated along the N. Figueroa Street corridor, near restaurants, retail, and neighborhood amenities.
Exclusively Listed & Sold By:
David Saghian
(310) 401-1559
dsaghian@lyonstahl.com