Units: 7 · Sale price: $1,700,000 · Price per unit: $242,857 · Closed: October 2024
A 7-unit small multifamily property at 330 Langley St in Glendale, sold October 2024 for $1,700,000 — approximately $242,857 per unit.
2024 LA multifamily began the recovery — transaction volume rebuilt toward $6.9B, institutional capital returned to active bidding, cap rates 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 — $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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