Kenneth Noble Acquires Multifamily Property On Tujunga Ave. In San Fernando Valley For $7.9M

Located at 4077-4083 Tujunga Ave. in the San Fernando Valley, this multifamily property was recently sold in a closed transaction. The property consists of 16 units with a total square footage of 14,342. The sale price for this transaction was $7,925,000, resulting in a per unit price of $495,313 and a price per square foot of $552.57.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $7,925,000
• Units: 16
• Price per Unit: $495,313
• Square Footage: 14,342
• Price per Square Foot: $552.57
• Market: San Fernando Valley

The buyer for this transaction was Kenneth Noble, while Andrew Daley served as the seller. Martin Ensbury from KW and Brent Gibeaut from ML Commercial Properties Inc. represented the buyer, while the seller was represented by Filip Niculete, Glen Scher, and Jonathan Erster from the LAAA Team at Marcus & Millichap.

This was an all-cash transaction with a quick close. The buyer utilized a 1031 exchange, and the closing numbers indicate a 3.76% capitalization rate and a 16.63 gross rent multiplier. According to CoStar, this sale set records for the highest price per unit and highest price per square foot ever achieved for a multifamily property sale in Studio City built before 2005.