Equity Union Commercial’s Successful Multifamily Sale
In a noteworthy real estate transaction, Equity Union Commercial announced the successful closing of 4651 Cahuenga Avenue, a multifamily property comprising 39 units. This transaction was pivotal, closing at a total price of $9,602,775. The property is strategically located within a sought-after submarket, ensuring its appeal for investors looking for lucrative opportunities.
Details of the Multifamily Property
The property, constructed in 1988, features a four-story structure with impressive market indicators:
- Priced at $246,225 per unit
- Total square footage of 38,043, translating to $252.42 per square foot
- Established a 6.29% capitalization rate
- Gross rent multiplier at 10.33
Twelve of the units were delivered vacant and in prime condition, allowing for immediate leasing prospects in a high-demand area. The configuration of the units includes an array of 1-bedroom and 2-bedroom layouts, catering to diverse market segments.
Opportunities for New Ownership
Cindy Hill, Executive Vice President at Equity Union and a certified commercial investment member (CCIM), stated that this acquisition presents a unique chance to own a property with substantial current revenue sources and significant long-term growth potential. The new owners stand to benefit from the demand for rentals in the market, as well as from low rental rates on existing leases.
Prime Location and Amenities
The building sits on a 7,798-square-foot lot and is conveniently situated near major freeways including the 101, 134, and 170, making it easily accessible. The amenities of the property enhance its attractiveness, offering central HVAC, secured parking, and leisure facilities such as a pool and outdoor BBQ area. Notably, there is potential to repurpose an unused 672-square-foot office space into an additional dwelling unit (ADU), pending city approval.
A Legacy of High Performance
Cindy Hill's reputation precedes her within the multifamily investment sphere, boasting over 35 years of experience and more than 310 apartment sales, accumulating over $1.75 billion in transaction volume. She has become a well-respected figure in areas such as Studio City, Sherman Oaks, and North Hollywood, focusing on properties with four to 50 units.
Her extensive knowledge and client-centric approach have forged lasting relationships, significantly contributing to her success in the complex world of real estate investment.
About Equity Union Commercial
Equity Union Commercial stands as a key player within California’s real estate market, operating as the commercial division of a large, privately-held brokerage. The company comprises over 950 agents and consistently reports sales volumes exceeding $3 billion annually. Recognized for its exceptional growth without mergers, Equity Union provides a wide array of advisory and transactional services across various sectors, including multifamily and retail.
Contact Information
If you are interested in learning more about properties like 4651 Cahuenga Avenue or seeking assistance in commercial real estate transactions, do not hesitate to reach out:
Equity Union Commercial
Cindy Hill, CCIM
(818) 640-4360
For inquiries via email, please contact us directly.
Frequently Asked Questions
Who represented the seller in the Toluca Lake sale?
Cindy Hill of Valley Apartment Sales represented the seller in this transaction.
What is the total sales price of the 4651 Cahuenga Avenue property?
The total sales price of the property was $9,602,775.
What kind of amenities does the property offer?
The property includes central HVAC, secured parking, a pool, a fitness center, and more.
How many units are vacant and rent-ready?
Out of the 39 total units, twelve were delivered vacant and rent-ready.
What is the market significance of this sale?
This sale highlights the strong rental demand and investment opportunities within the multifamily sector in Los Angeles.
