Foreign Buyer Sets Record With $14.8M Acquisition Of Tujunga Multifamily

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $14,800,000
• Units: 36
• Price per Unit: $411,111
• Square Footage: 29,063
• Price per Square Foot: $509
• Gross Rent Multiplier (GRM): 14.74x
• Capitalization Rate (CAP): 4.27%

Located at 10240 Commerce Ave. in the Tujunga market, this multifamily property was sold for a price of $14,800,000. It comprises 36 units with an average price per unit of $411,111. The total square footage of the property is 29,063, resulting in a price per square foot of $509. The gross rent multiplier (GRM) for this property is 14.74x, and it has a capitalization rate (CAP) of 4.27%.

The sale of this property was facilitated by the brokers Sevak Keshishian, Shara Parseghian, Filip Niculete, and Glen Scher from The SK Group and LAAA Team, who represent Marcus & Millichap. They successfully closed this off-market transaction, attracting a foreign buyer. This sale set a record-breaking price for Tujunga, with the highest sale price ever achieved in the area. Additionally, the price per square foot and price per unit reached new highs at $509.24 and $411,111, respectively. The property's strong performance is reflected in its low CAP rate of 4.27% and GRM of 14.74x.