5240 Whitsett Ave Los Angeles, CA 91607
14-Unit AB-1482 in Prime Valley Village
SOLD: $4,900,000 CAP RATE: 4.37% GRM: 14.27 PRICE PER SQUARE FOOT: $349
We are pleased to announce the sale of 5240 Whitsett Ave an irreplaceable multifamily asset located in the heart of Valley Village one of the most coveted rental pockets in the San Fernando Valley. Sandwiched between Studio City Sherman Oaks and Toluca Lake the location offers exceptional tenant demand strong walkability and immediate access to countless dining shopping and entertainment amenities.
The property sold for $4,900,000 which equates to $350,000 per unit a 4.37% cap rate a 14.27 GRM and $349 per square foot. These metrics highlight the market’s confidence in the quality and future upside of this townhome style asset.
The building features an excellent unit mix consisting entirely of fourteen large two bedroom two bathroom townhome units making it highly desirable to long term renters seeking more space and privacy. Built in 1984 the property is not subject to local rent control and is governed only by AB 1482 allowing for annual rent increases of up to 10%. All units are separately metered for gas and electricity ensuring efficient operating expenses for ownership.
The asset provides a compelling value add opportunity with over 35% upside in market rents. The property has also completed its required earthquake seismic retrofit eliminating a major future capital obligation.
This rare offering closed successfully with David Saghian representing both the buyer and the seller in the transaction.
Exclusively Listed & Sold By:
David Saghian
(310) 401-1559
dsaghian@lyonstahl.com