Units: 10 · Sale price: $1,915,000 · Price per unit: $191,500 · Closed: March 2013
A 10-unit mid-size multifamily property at 4721 Kester Avenue in Sherman Oaks, sold March 2013 for $1,915,000 — approximately $191,500 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 price points 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 — over fourteen years at Marcus & Millichap.
Michael Sterman, Senior Managing Director Investments at Marcus & Millichap.
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