Adam Corleto Acquires 4-Unit Multifamily In Los Angeles For $2.75M

A multifamily property located at 346 N Gardner Street in Los Angeles, CA has been sold for a total price of $2,750,000. The property consists of 4 units with a total square footage of 5,302. This translates to a per unit price of $687,500 and a price per square foot of $519. The sale took place on 11/22/2022 and the asset is categorized as a historic property, falling under the jurisdiction of the HPOZ (Historic Preservation Overlay Zone). Notably, this is the first time the property has been sold in 44 years, making it a significant transaction in the 90036 area. It achieved the 4th highest sale price ever recorded for a 4-unit property, further highlighting its value in the market. The deal closed with a 4.07% CAP rate and a 16.37 GRM.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $2,750,000
• Address: 346 N Gardner Street, Los Angeles, CA
• Market: Los Angeles, CA
• Buyer: Adam Corleto
• Seller: William Wolff
• BROKERS: Filip Niculete & Glen Scher - Marcus & Millichap LAAA Team
• Units: 4
• Price per Unit: $687,500
• Square Footage: 5,302
• Price per Square Foot: $519

Noteworthy individuals involved in the transaction include the buyer, Adam Corleto, and the seller, William Wolff. The deal was facilitated by brokers Filip Niculete and Glen Scher, who are part of the Marcus & Millichap LAAA Team. Their expertise played a crucial role in brokering this historic property sale.