A 16-unit apartment property in North Hollywood has sold for $3.5 million, or $218,750 per unit.
Located at 11557-11565 Erwin St., the multifamily structure, built in 1958, is subject to rent control. The property came with ready-to-issue permit plans to build another seven units.
The property spans a double lot, totaling more than 31,000 square feet and consisting of eight one-bedroom units, six two-bedroom units and two three-bedroom units.
James Brian Markel, regional manager of Marcus & Millichap’s Encino office, announced the sale. Senior Vice President Jason Tuvia and Senior Managing Director of Investments Janette Monfared at the firm’s Encino office held the exclusive listing for the property. Tuvia and Monfared also represented the buyer, a private investor.
The property had two vacancies at sale time.
Comparable deals in the submarket include a pair of August transactions: the four units at 11901 Burbank Blvd. in Valley Village sold for $1.35 million; and six units at 12717-19 Vanowen St. in North Hollywood traded for $3.5 million.