A seven-unit apartment building at 11565 Riverside Drive in Valley Village has sold for $2.8 million, or $400,000 per unit.
Senior Managing Director/Investments Rick Raymundo in the Los Angeles office of Marcus & Millichap, a Calabasas-headquartered brokerage company specializing in multifamily, represented both the seller and buyer, each private individuals. According to CoStar Group, the seller was Florence Karraa of Tarzana, while the buyer is Oleg Kotlyarevsky of Studio City.
The building, which was erected in 2000, sits on a 7,500-square-foot lot, with units commanding an average monthly asking rent of $1,882.
“Even though the property was not subject to rent control by virtue of its construction in 2000, several potential buyers felt that the rents were still below market and that they could add value through income improvement almost immediately,” Raymundo said in a statement.