Units: 5 · Sale price: $1,800,000 · Price per unit: $360,000 · Closed: February 2015
A 5-unit small multifamily property at 12849 Bloomfield Street in Studio City, sold February 2015 for $1,800,000 — approximately $360,000 per unit.
By 2015, LA multifamily transaction volume had returned to pre-2008 levels. Institutional and 1031 capital were both active across the full range of submarkets.
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 — $1.41 billion across 254 closed transactions over fourteen years at Marcus & Millichap.
Michael Sterman, Senior Managing Director Investments at Marcus & Millichap.
$1.41 billion across 254 closed transactions.
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