Steven Oppenheim & Elisa Schoenfeld Acquire Multifamily Asset In North Hollywood For $5.675M

Located in North Hollywood, the multifamily property at 5541 Fulcher Ave has been sold in a closed transaction. The property was developed in 1990 by the seller, Evan E. Levi & Frank Moll, and has never been sold before. This sale marks the first time the property has changed hands since its development.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $5,675,000
• Address: 5541 Fulcher Ave
• Market: North Hollywood

The property consists of 15 units, with a price per unit of $378,333. It spans across 16,086 square feet, translating to a price per square foot of $352. The sale was closed at a 4.03% capitalization rate and a gross rent multiplier of 15.47x.

The buyers, Steven Oppenheim & Elisa Schoenfeld, were represented by Sam Liberow & Max Gersht from The Liberow Group at Marcus & Millichap. On the other hand, the sellers, Evan E. Levi & Frank Moll, were represented by Glen Scher & Filip Niculete from the LAAA Team at Marcus & Millichap. The financing for the transaction was facilitated by MMCC's Sharone Sabar.

Despite the property being sold with a non-conforming unit, two vacancies, and tenants who were delinquent due to COVID, the sale successfully closed at the aforementioned price of $5,675,000. This transaction demonstrates the strong teamwork of the Marcus & Millichap teams involved.