11722 Riverside Dr Los Angeles, CA 91607
8-Unit Apartment in Valley Village
SOLD: $1,900,000 CAP RATE: 4.92% GRM: 11.93 PRICE PER SQUARE FOOT: $272
We are pleased to announce the sale of 11722 Riverside Dr an 8 unit multifamily property located in an AAA+ Valley Village location ideally positioned between Studio City and Toluca Lake. The asset sold for $1,900,000 reflecting a 4.92% cap rate a 12.11 GRM a $237,500 price per unit and a $272 price per square foot.
The property offers a compelling value-add opportunity with over 50% upside in market rents. The unit mix consists of four two bedroom one bathroom units and four one bedroom one bathroom units creating broad tenant appeal in a supply-constrained rental pocket. All units are separately metered for gas and electricity providing efficient operating fundamentals for ownership.
The buyer intends to further enhance the asset by developing two ADUs at the rear of the property unlocking additional long-term income potential. The location provides exceptional access to fine dining grocery stores retail and entertainment throughout Valley Village Studio City and Toluca Lake making it highly attractive for tenants.
David Saghian represented the buyer in this transaction.
Investment Highlights
8 unit multifamily property located in an AAA+ Valley Village location between Studio City and Toluca Lake delivering strong tenant demand and long term stability
Sold for $1,900,000 reflecting a 4.92% cap rate 12.11 GRM $237,500 per unit and $272 per square foot
Compelling value add opportunity with over 50% upside in market rents
Excellent unit mix consisting of four two bedroom one bath units and four one bedroom one bath units
Buyer to develop two ADUs at the rear of the property creating additional future income potential
All units separately metered for gas and electricity providing operational efficiency
Buyer represented by David Saghian
Exclusively Listed & Sold By:
David Saghian
(310) 401-1559
dsaghian@lyonstahl.com