Ronald Mayer Acquires Multifamily Property On Orion Ave In Sherman Oaks For $8.5M

The multifamily property located at 4737 Orion Ave. in Sherman Oaks has been sold in a closed transaction. The property consists of 25 units with a sale price of $8,500,000, resulting in a price per unit of $340,000. The total square footage of the property is 24,163, with a price per square foot of $351. The gross rent multiplier (GRM) for the property is 14.52x, and the capitalization rate (CAP) is 4.38%.

Summary of transation details

• Property Type: Multifamily
• Transaction Amount: $8,500,000
• Address: 4737 Orion Ave.
• Market: Sherman Oaks

The buyer in this transaction was Ronald Mayer, while the seller was Jorge Wendt. The brokers involved in the deal were Michael Monempour and David Saghian from Kidder Mathews. It is worth noting that both the buyer and seller were represented by Michael Monempour and David Saghian.

This prime Sherman Oaks location presents a value-add investment opportunity with over 33% upside in market rents. The buyer has plans to convert the office space and rec room into two accessory dwelling units (ADUs). The property has recently completed an earthquake seismic retrofit, and this sale marks the first time it has changed ownership in 28 years. The transaction was conducted off-market, further highlighting the expertise of Michael Monempour and David Saghian in representing both parties.