November 10

Watch and Win!


Marcus & Millichap recently finalized the sale of 8514 Sherwood Dr., a fantastic twelve-unit apartment complex situated in the vibrant Tri-West submarket of West Hollywood. This incredible property was sold for an impressive $3.95 million, which breaks down to approximately $329,167 per unit. With a cap rate of 4.85% and a gross rent multiplier of 14.38, this investment opportunity is truly remarkable.

According to Jason Tuvia, the senior managing director at Marcus & Millichap’s Encino office, the buyer has agreed to undertake the necessary soft-story retrofitting. Additionally, it’s worth noting that several rental units were being leased for less than $600 per month. Tuvia skillfully marketed this property on behalf of the undisclosed seller, ensuring a successful transaction.

Built back in 1957, this value-add property falls under the jurisdiction of West Hollywood’s rent control laws. This adds an extra layer of stability and security for both the buyer and the tenants.


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