Irina Shon Acquires Multifamily Property On N Martel Ave For $2.45M

Located in West Hollywood, Los Angeles, the multifamily property at 1412 N Martel Ave has been sold in a closed transaction. The deal was facilitated by brokers Jordan Asheghian and Tony Azzi of Marcus & Millichap. The property consists of 8 units, totaling 6,282 square feet. The sale price for this transaction was $2,450,000, resulting in a price per unit of $306,250 and a price per square foot of $390. The transaction took place on September 28, 2022.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $2,450,000
• Address: 1412 N Martel Ave, West Hollywood, LA
• Market: West Hollywood, LA
• Buyer: Irina Shon
• Seller: Witzling Family
• Brokers: Jordan Asheghian & Tony Azzi - Marcus & Millichap
• Units: 8
• Price per Unit: $306,250
• Square Footage: 6,282
• Price per Square Foot: $390

It is worth noting that this sale was a Probate Sale and went through a competitive bidding process. After being toured by 11 buyers, the seller ultimately accepted the highest non-contingent offer. The transaction was completed at a cap rate of 2.71% and a gross rent multiplier (GRM) of 18.47x. This represents the lowest cap rate in the 90046 zip code for 8-10 unit properties in the last 24 months.