Units: 17 · Sale price: $6,100,000 · Price per unit: $358,823 · Closed: August 2023
A 17-unit mid-size multifamily property at 1117-1119 Linden Ave in Glendale, sold August 2023 for $6,100,000 — approximately $358,823 per unit.
2023 was LA multifamily's transaction trough. Annual volume of $4.6B was a fifteen-year low as rates climbed and bid-ask spreads widened.
Glendale operates under its own local rental ordinance distinct from LA City RSO, producing a different buyer underwriting profile than comparable LA City buildings.
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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