Units: 15 · Sale price: $2,900,000 · Price per unit: $193,333 · Closed: April 2013
A 15-unit mid-size multifamily property at 13506 Rye Street in Sherman Oaks, sold April 2013 for $2,900,000 — approximately $193,333 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.
Sherman Oaks is the Valley floor's most-demanded multifamily submarket. Mixed building ages — pre-1978, 1980s, and post-1995 — trade at distinct cap rates on the same street.
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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