Units: 16 · Sale price: $2,220,000 · Price per unit: $138,750 · Closed: November 2012
A 16-unit mid-size multifamily property at 15286 Sutton Street in Sherman Oaks, sold November 2012 for $2,220,000 — approximately $138,750 per unit.
In 2012, LA multifamily transaction volume was rebuilding from the post-2008 trough. Cap rates were beginning to compress as institutional capital returned to the asset class.
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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