Adaptive Acquires Silver Lake Multifamily Property For $1.85M

Located in the Silver Lake market, the multifamily property at 3623 Bellevue Avenue was recently sold for $1,850,000. The transaction took place on September 18, 2019. The property spans approximately 6,500 square feet, resulting in a price per square foot of $284.62. This asset consists of five units, including four 1+1 units and one 3-bedroom, 2-bathroom house. At the time of the sale, three units were delivered vacant, offering potential for immediate occupancy. The cap rate for this property is 14.20, with a gross rent multiplier (GRM) of 4.85%.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $1,850,000
• Square Footage: 6,500
• Price per Square Foot: $284.62
• Address: 3623 Bellevue Avenue
• Market: Silver Lake

The buyer in this transaction was Adaptive, while the seller was Gin Trust. The deal was facilitated by brokers David Weinberger and David Rothblum.