Rangely Partners Acquires 4-Unit Multifamily Property In Norma Triangle West Hollywood

The multifamily property located at 8904 Rangely in Norma Triangle West Hollywood has been sold for $1,950,000. The property spans 3,493 square feet, with each unit priced at $487,500. The price per square foot is $558, and the gross rent multiplier (GRM) is 20. The cap rate for the property is 2.97%. The transaction took place on 03/19/2019.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $1,950,000
• Address: 8904 Rangely, Norma Triangle West Hollywood
• Market: Norma Triangle West Hollywood
• Square Footage: 3,493 sqft
• Price per Square Foot: $558
• Number of Units: 4
• Price per Unit: $487,500
• Gross Rent Multiplier (GRM): 20
• Cap Rate: 2.97%
• Date: 03/19/2019

The property was purchased by Rangely Partners LLC from the sellers, Olev-Jaak & Mari-Aala Massakas. The transaction was facilitated by Michael Monempour from Kidder Mathews.

During escrow, the property was downgraded from a 5 unit to a 4 unit by the City of West Hollywood due to an illegal auxiliary dwelling unit (ADU). This change allowed the buyer to secure favorable financing.