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Marcus & Millichap Arranges the Sale of a 6-Unit Apartment Building

November 23, 2022

LOS ANGELES, CA, November 22, 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 1050 West 84th Place, a 6-unit apartment property located in South Los Angeles, CA. The asset sold for $1,200,000.

Jason Tuvia, a Senior Managing Director in Marcus & Millichap’s Encino office, and
Carter Kruse, an Investment Associate at the Tuvia Group, had the exclusive listing to market the property. The buyer, a private investor, was also represented by the Tuvia Group.

The Property is located at 1050 W 84th Pl, Los Angeles, CA 90044. The Property was
built in 1939 and is subject to Los Angeles rent control. The Tuvia Group was able to achieve a quick escrow period that was fully non-contingent from day one. The property sold at $200,000 per unit and $348.43 per square foot. The property sold at a 6.10% cap rate and a 11.38 GRM as a fully renovated turn-key product.

The seller was a local partnership based out of West LA and the buyer was a local South LA operator.

The Property consisted of two (2) newly construction (2022) ADU studio / one-bathroom units and four (4) one-bedroom / one-bathroom units spread across two (2) buildings. Most of the tenants were on Section 8 housing vouchers.

 

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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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