Northmarq’s El Segundo office brokers $3.175M sale of 10-unit Los Angeles multifamily property
EL SEGUNDO, Calif. (June 18, 2024) — Northmarq’s El Segundo Multifamily Investment Sales team of Brent Sprenkle, Alex Peterson and Parker Boehle has completed the sale of 1405 and 1409 Armadale Avenue & 4727-4741 York Boulevard, a 10-unit multifamily property in Los Angeles, for $3.175 million. Built in 1922 and fully renovated in 2015, the garden-style apartments offer one-bedroom apartment homes in the Highland Park neighborhood of Los Angeles.
Northmarq represented the seller, W-Amberwood LLC, and the buyer was Vanilla Investments LLC.
“The property is a previously gut renovated 1920’s bungalow apartment community,” said Sprenkle. “All units were at or close to market lease rates which enabled the property to sell at a high cap rate but also the highest cost per unit for a rent controlled 1920’s building sold in a similar neighborhood in the last 12 months.”
The 10-unit multifamily community is ideally situated in North Los Angeles, with convenient access to the popular shops, restaurants, art galleries and bars on Figueroa Street. Residents enjoy the close proximity to Downtown Los Angeles, Hollywood and Glendale as well as nature trails and major employers. Additionally, the property is a 10-minute drive from the Griffith Park and Los Angeles Zoo.
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