The Estate Of Maira Dizgalvis Sells Multifamily Property In Los Angeles For $7.7M

The multifamily property located at 3752 Glendon Avenue in Los Angeles has been sold. The property consists of 21 units, with an average size of over 1,000 square feet each, ranging from 2 to 4 bedrooms. The sale price for this property was $7,700,000, resulting in a price per unit of $366,667. The total square footage of the property is 23,583, with a price per square foot of $327.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $7,700,000
• Units: 21
• Price per Unit: $366,667
• Square Footage: 23,583
• Price per Square Foot: $327

The sellers of the property were The Estate Of Maira Dizgalvis, represented by Kathy Brown. The brokers involved in the transaction were Dana Coronado and Nicole Apostolos from Equity Union Commercial.

During the escrow process, original building plans were discovered, revealing that the building was designed by well-known mid-century modern architect Richard Kearney. The units in the property are exceptionally spacious, averaging over 1,000 square feet each. All units consist of 2 to 4 bedrooms. The property offers a significant upside potential in rents, with over 75% of potential rental income yet to be realized.

The high number of offers generated for this property is indicative of the limited availability of AB 1482 properties in the City of LA. Despite high interest rates, there continues to be strong demand for sizable, value-add buildings with significant potential for growth.