5035 Klump Ave. in North Hollywood.

5035 Klump Ave. in North Hollywood.

A 22-unit multifamily property in North Hollywood has sold for the first time in nearly 30 years for nearly $5.2 million, or $235,227 per unit, according to a statement from Calabasas real estate brokerage Marcus & Millichap Inc.

Marcus & Millichap's Senior Managing Director of Investments Rick Raymundo, along with Rick Hollman of Two Malibu Corp., represented the seller, Distinguished Properties II, and buyer Klump Park.

JP Morgan Chase Bank provided financing on the property, located at 5035 Klump Ave. in North Hollywood’s Arts District.

“Seller was able to avoid a potentially costly seismic retrofit requirement while also moving their equity into a management-free triple-net property that generated far more cash flow,” Raymundo said in a statement. “Meanwhile, buyer recognized an excellent opportunity to reposition the asset, as interior and exterior upgrades can help them to recapture what is potentially as much as 57 percent in rent upside.”