Units: 11 · Sale price: $5,900,000 · Price per unit: $536,363 · Closed: May 2022
A 11-unit mid-size multifamily property at 1323 14th St in Santa Monica, sold May 2022 for $5,900,000 — approximately $536,363 per unit.
2022 LA multifamily held at peak pricing through mid-year, then began the rate-driven cap rate expansion that would define 2023.
Santa Monica operates under its own Rent Control Board distinct from LA City RSO. Westside premium pricing with tight, stable regulatory overhead.
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 — $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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