Units: 16 · Sale price: $3,200,000 · Price per unit: $200,000 · Closed: February 2013
A 16-unit mid-size multifamily property at 5455 Lemon Grove Avenue in Hollywood, sold February 2013 for $3,200,000 — approximately $200,000 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.
Hollywood is one of the most-demanded mid-city LA submarkets, with deep institutional interest and a predominantly pre-1978 building mix that now falls under the revised LA City RSO.
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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