2372 S Beverly Glen Blvd, Los Angeles, CA 90064
8-unit Multifamily Property in Century City
SOLD: $1,875,000 CAP RATE: 4.73% GRM: 12.19 PRICE PER SQUARE FOOT: $298
We are pleased to announce the sale of a well maintained eight unit multifamily property in an A plus prime West Los Angeles location steps from Century City and near Beverly Hills, Westwood, UCLA, and Santa Monica. The asset is located in a high demand rental corridor with strong long term fundamentals and consistent occupancy.
The property sold for $1,875,000 which equates to $234,375 per unit and $298 per net building square foot. The building features an excellent unit mix of eight one bedroom one bathroom units and offers more than 50% upside in rents through interior renovations. The buyer also plans to construct two ADUs to further enhance value.
The marketing process generated eleven offers and the selected buyer went non contingent, demonstrating speed and certainty of execution. The transaction closed at an actual GRM of 12.19 and an actual cap rate of 4.73%.
David Saghian represented both the buyer and seller in this transaction.
Investment Highlights
Buyer went non-contingent and the marketing process generated 11 offers.
Buyer plans to build 2 ADUs on the property.
Well maintained 8 unit multifamily property with an excellent unit mix of eight one bedroom one bathroom units.
A+ prime West Los Angeles location steps from Century City and near Beverly Hills, Westwood, UCLA, and Santa Monica.
Extremely high demand rental corridor with consistent occupancy and strong long term fundamentals.
Significant value add upside with more than 50% potential rent growth through interior renovations.
David Saghian represented both buyer and seller
Exclusively Listed & Sold By:
David Saghian
(310) 401-1559
dsaghian@lyonstahl.com