Units: 18 · Sale price: $4,315,000 · Price per unit: $239,722 · Closed: July 2023
A 18-unit mid-size multifamily property at 10834 Bloomfield St in Toluca Lake, sold July 2023 for $4,315,000 — approximately $239,722 per unit.
2023 was LA multifamily's transaction trough. Annual volume of $4.6B was a fifteen-year low as rates climbed and bid-ask spreads widened.
Toluca Lake is a small, stable Valley submarket. Buildings transact infrequently but pricing holds when they do.
Mid-size multifamily in this unit range attracts both private investors and smaller institutional buyers, particularly on value-add theses.
This transaction is part of the Sterman Multifamily Group closed archive — over fourteen years at Marcus & Millichap.
Michael Sterman, Senior Managing Director Investments at Marcus & Millichap.
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