Units: 10 · Sale price: $2,895,000 · Price per unit: $289,500 · Closed: April 2023
A 10-unit mid-size multifamily property at 561 E Orange Grove Ave in Burbank, sold April 2023 for $2,895,000 — approximately $289,500 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.
Burbank operates under its own jurisdiction distinct from LA City RSO. Institutional demand tied to the city's employment base and transit access.
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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