Units: 7 · Sale price: $1,900,000 · Price per unit: $271,428 · Closed: November 2024
A 7-unit small multifamily property at 1228 Mariposa St in Glendale, sold November 2024 for $1,900,000 — approximately $271,428 per unit.
2024 LA multifamily began the recovery — transaction volume rebuilt toward $6.9B, institutional capital returned to active bidding, pricing stabilized.
Glendale operates under its own local rental ordinance distinct from LA City RSO, producing a different buyer underwriting profile than comparable LA City buildings.
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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