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Marcus & Millichap Arranges the Sale of a 10-Unit Apartment Building

November 23, 2022

LOS ANGELES, CA, November 21, 2022 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of 1330 Portia Street, a 10-unit apartment property located in Echo Park, CA. The asset sold for $3,800,000.

Jason Tuvia, a Senior Managing Director in Marcus & Millichap’s Encino office, had the exclusive listing to market the property.

The Property is located at 1330 Portia St, Los Angeles, CA 90026. The Property was built in 1966 and is subject to Los Angeles rent control. The listing team was able to achieve this year’s second highest price per square foot for rent control in the 90026-zip code. Mr. Tuvia was able to secure a quick escrow period, and the property sold at $380,000 per unit and $641.57 per square foot. The property sold at a 5.20% cap rate and a 13.49 GRM as a fully renovated turn-key product. The seller was Proper Portia LLC, a local multifamily developer. The buyer, 1330
Portia LLC, was in a 1031 exchange and purchased the property all cash.

The Property consisted of one (1) studio/one-bathroom ADU unit, one (1) one-bedroom/one-bathroom ADU unit, seven (7) one-bedroom/one-bathroom units, and one (1) one-bedroom/one-bathroom unit with a full private basement. Most of the rents were near market rate and the property had two (2) vacancies.

 

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About Marcus & Millichap (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.

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