Jehan Agrama Acquires Multifamily Property In Studio City For $5.4M

A multifamily property located at 12602 Moorpark St in Studio City, CA has been sold in a closed transaction. The property consists of 8 units and spans a total of 9,249 square feet. The sale price for this transaction was $5,425,000, resulting in a price per unit (PPU) of $678,125 and a price per square foot (PPSF) of $587.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $5,425,000
• Address: 12602 Moorpark St, Studio City, CA
• Market: Studio City, CA
• Units: 8
• Square Feet: 9,249
• Price per Unit (PPU): $678,125
• Price per Square Foot (PPSF): $587

The buyer of the property is Jehan Agrama and the seller is Ellis Gelman. The buyer was represented by Casey Gamm and Heather Altman from Douglas Elliman, while the seller was represented by Jonathan Erster, Filip Niculete, and Glen Scher from Marcus & Millichap LAAA Team.

During the transaction, it was an all-cash deal with a 16-day escrow period. The property received a total of 7 offers and it took 57 days from listing to closing. The sale at $5,425,000 set a record for Studio City in terms of price per unit and price per square foot. The transaction also resulted in a 3.58% capitalization rate (CAP rate) and a gross rent multiplier (GRM) of 17.95.

Note from broker: 8 Units | Studio City | 2017 Built