40-Unit Multifamily Property Sold For $8 Million In North Hollywood Brokered By Maxwell Brown

A 40-unit multifamily property located at 11744 Runnymede Street in North Hollywood has been sold for $8,000,000, translating to $200,000 per unit. The property was transacted despite the presence of rent control restrictions under Los Angeles' Rent Stabilized Ordinance. The sale achieved a cap rate of 6.3%, with a proforma cap rate of 10.86%, indicating a strong interest from investors in value-add opportunities in the area.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $8,000,000
• Units: 40
• Price Per Unit: $200,000
• Cap Rate: 6.3%
• Proforma Cap Rate: 10.86%
• Address: 11744 Runnymede Street
• Market: North Hollywood
• Broker: Maxwell Brown - Commercial Asset Advisors

The negotiation and closing of this multifamily property transaction involved Maxwell Brown, who represented the seller through Commercial Asset Advisors. The deal highlighted the robust market appetite for properties offering potential value enhancement despite regulatory challenges.