Press Releases
Marcus & Millichap Arranges The Sale of a 7-Unit West Hollywood Apartment Building
December 12, 2024
LOS ANGELES, Calif., December 12, 2024 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services, announced the sale of 926 N. Hudson Ave., a 7-unit apartment property located near West Hollywood in Los Angeles, according to Jim Markel, regional manager of the firm’s Encino office. The property sold for $1,945,000 at a 5.62% cap rate.
Jason Tuvia, senior managing director and investment specialist in Marcus & Millichap’s Encino office, exclusively represented the seller, an individual/personal trust. The buyer, a limited liability company, was also secured and represented by Tuvia.
The property, located at 926 N. Hudson Ave. near Santa Monica Boulevard, consists of one one-bedroom/one-bathroom unit and six two-bedroom/one-bathroom units. Built in 1963, it offers on-site parking and is situated in a prime Hollywood location. The transaction closed at $277,857 per unit, $302.07 per square foot, and a 10.91 gross rent multiplier.
“Despite achieving very low rents, this property sold as the second-highest price per unit in the 90038 ZIP code this year,” said Tuvia. “The seller was able to exchange into a better location in Miracle Mile.”
Jason Tuvia, senior managing director and investment specialist in Marcus & Millichap’s Encino office, exclusively represented the seller, an individual/personal trust. The buyer, a limited liability company, was also secured and represented by Tuvia.
The property, located at 926 N. Hudson Ave. near Santa Monica Boulevard, consists of one one-bedroom/one-bathroom unit and six two-bedroom/one-bathroom units. Built in 1963, it offers on-site parking and is situated in a prime Hollywood location. The transaction closed at $277,857 per unit, $302.07 per square foot, and a 10.91 gross rent multiplier.
“Despite achieving very low rents, this property sold as the second-highest price per unit in the 90038 ZIP code this year,” said Tuvia. “The seller was able to exchange into a better location in Miracle Mile.”
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About Marcus & Millichap, Inc. (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, 2023, the company had 1,783 investment sales and financing professionals in over 80 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 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
