Jora Karimi & Karineh Hatoomian Acquire Multifamily Property In Van Nuys For $1.16M

Located at 5821 Hazeltine Ave in Van Nuys, this multifamily property was recently sold in a closed transaction for $1,160,000. The property consists of 4 units with a total of 2,467 square feet. The price per unit was $290,000, and the price per square foot was $470. The Gross Rent Multiplier (GRM) for this property was 14.99x, and the Capitalization Rate (CAP) was 4.01%.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $1,160,000
• Address: 5821 Hazeltine Ave
• Market: Van Nuys

The buyer of this property was Jora Karimi and Karineh Hatoomian, while the seller was Mary Lou Bentley. The transaction was facilitated by brokers Andy C. Kawatra, Filip Niculete, and Glen Scher from the LAAA Team at Marcus & Millichap.

This sale set a record price per square foot in Van Nuys for a 4-unit property, further highlighting the attractiveness of the investment opportunity. The brokers proudly represented their previous buyer in their own 1031 exchange, demonstrating their expertise in guiding clients through the buying and selling process.

This transaction showcases the strong demand for multifamily properties in Van Nuys, with the property selling at a premium price and achieving a low CAP rate of 4.01%. Its convenient location just north of Sherman Oaks adds to its appeal as a desirable investment.

Note from brokers: The sale closed at $1,160,000, with a price per square foot of $470.21 and a price per unit of $290,000. The GRM for this property was calculated at 14.99x, highlighting its income potential.