Sergey Mahtesyan Acquires Multifamily Asset In Burbank For $2.21M

Located at 157 West Ash Ave in Burbank's 91502 zip code, this multifamily property was recently sold for a record-breaking price. Built in 1988, the property consists of 5 units and offers a total of 4,564 square feet of space. The sale price for this transaction was $2,210,000, resulting in a price per unit of $442,000 and a price per square foot of $484. The Gross Rent Multiplier (GRM) for this property was 17.81x, and the capitalization rate (CAP) was 3.58%.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $2,210,000
• Address: 157 West Ash Ave, Burbank
• Market: Burbank's 91502 zip code

The buyer of this property was Sergey Mahtesyan, while the sellers were Matthew Cusumano and Kevin Charles. Representing the buyer and seller respectively were Filip Niculete and Glen Scher from the LAAA Team, Marcus & Millichap. This transaction saw significant interest, with multiple offers received and the property ultimately selling above the list price.

A notable feature of this sale is that it set new records in the Burbank market. With a price per square foot of $484.22, it achieved the highest price per square foot ever recorded in the area. Additionally, the price per unit of $442,000 is the highest ever seen in the 91502 zip code. These figures highlight the attractiveness of this property and the strong demand for multifamily assets in Burbank.

Note from broker: This property offers 5 units and is located in Burbank.