Multifamily Property In Echo Park Sold For $1.45 Million With Jason Tuvia Representing Seller

A five-unit apartment building located at 1859 Echo Park Avenue in Los Angeles has been sold for $1.45 million, translating to $290,000 per unit. The property was fully occupied at the time of sale and experienced significant deferred maintenance, indicating the need for future investment. The transaction was completed in an all-cash deal.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $1,450,000
• Units: 5
• Price Per Unit: $290,000
• Market: Los Angeles
• Broker: Jason Tuvia - Marcus & Millichap

Jason Tuvia of Marcus & Millichap represented the seller in this transaction. The buyer, a first-time multifamily investor, successfully acquired the property amidst existing maintenance challenges.