Private Investor Acquires MultiFamily Property In Los Angeles For $2.9M

An eight-unit apartment property located at 1041 North Stanley Ave. in West Hollywood recently sold for $2.9 million. The property, built in 1957, consists of five two-bedroom/two-bathroom units, three one-bedroom/one-bathroom units, and eight parking spaces. Situated half a block south of Santa Monica Boulevard and five blocks east of Fairfax, the property provides a rare value-add opportunity in the highly desirable submarket of West Hollywood.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $2,900,000.00
• Location: 1041 N Stanley Ave, West Hollywood
• Market: Los Angeles
• Seller's Rep: Kimberly Stepp (Stepp Commercial)
• Buyer: Private Investor

Stepp Commercial principal Kimberly R. Stepp and Len Kay represented the seller, Sofer Trust, in this transaction. The buyer, a Los Angeles-based private investor, acquired the property at a 3.5 percent cap rate. The location of the property offers proximity to various amenities such as Sunset Strip nightlife, fitness centers, spas, and designer flagships, enhancing its appeal for potential luxury renovations.