Units: 7 · Sale price: $2,260,000 · Price per unit: $322,857 · Closed: June 2013
A 7-unit small multifamily property at 12241 Moorpark Street in Studio City, sold June 2013 for $2,260,000 — approximately $322,857 per unit.
2013 was early in the sustained LA multifamily expansion that would run through 2022. Transaction activity was climbing; buyer pool was broadening quarter over quarter.
Studio City is Valley floor LA City multifamily, mixed building ages, stable buyer pool.
Small multifamily properties in this range trade primarily among private investors, family offices, and 1031 exchangers.
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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