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Sergey Mahtesyan Acquires Multifamily Asset In Burbank For $2.21M

157 West Ash Avenue
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This MultiFamily property located in CA was sold for $2,210,000 almost 2 years ago. The brokers of the deal were Glen Scher and Filip (Fil) Niculete

Located at 157 West Ash Ave in Burbank's 91502 zip code, this multifamily property was recently sold for a record-breaking price. Built in 1988, the property consists of 5 units and offers a total of 4,564 square feet of space. The sale price for this transaction was $2,210,000, resulting in a price per unit of $442,000 and a price per square foot of $484. The Gross Rent Multiplier (GRM) for this property was 17.81x, and the capitalization rate (CAP) was 3.58%.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $2,210,000
  • Address: 157 West Ash Ave, Burbank
  • Market: Burbank's 91502 zip code

The buyer of this property was Sergey Mahtesyan, while the sellers were Matthew Cusumano and Kevin Charles. Representing the buyer and seller respectively were Filip Niculete and Glen Scher from the LAAA Team, Marcus & Millichap. This transaction saw significant interest, with multiple offers received and the property ultimately selling above the list price.

A notable feature of this sale is that it set new records in the Burbank market. With a price per square foot of $484.22, it achieved the highest price per square foot ever recorded in the area. Additionally, the price per unit of $442,000 is the highest ever seen in the 91502 zip code. These figures highlight the attractiveness of this property and the strong demand for multifamily assets in Burbank.

Note from broker: This property offers 5 units and is located in Burbank.

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Deals
  • Location
    157 West Ash Avenue, Burbank, California 91502, United States157 West Ash Avenue, Burbank, California 91502, United States
  • Sale Price
    $2,210,000$2,210,000
    $484 PPSF$484 PPSF
  • Area
    4,564 SF4,564 SF
  • Asset Type
    MultiFamilyMultiFamily
  • Parties
    2 Brokers, 1 Agency2 Brokers, 1 Agency

Agents

Glen Scher

Glen Scher

Deals161
Sold$624.5M

Agency

Marcus & Millichap

Marcus & Millichap

Agency
Deals6999
Volume$66B

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Deal Summary

SALE IMAGE: Glen Scher & Filip Niculete DATE: 04/29/2022 ADDRESS: 157 West Ash Ave. MARKET: Burbank ASSET TYPE: Multifamily BUYER: Sergey Mahtesyan SELLER: Matthew Cusumano & Kevin Charles BROKERS: Filip Niculete (@FNiculete) & Glen Scher (@ScherGlen) (LAAA Team) (@LAAATeam) - Marcus & Millichap SALE PRICE: $2,210,000 UNITS: 5 ~ PPU: $442,000 SF: 4,564 ~ PPSF: $484 GRM: 17.81x CAP: 3.58% NOTE FROM BROKER: 5 Units. Burbank. Built 1988 Sold Above List. Multiple Offers Record Multifamily Sale in Burbank's 91502 Zip Code Highest Price/SqFt Ever Highest Price/Unit Ever Closed at $2,210,000 $484.22 per SqFt $442,000 per Unit 3.58% CAP Rate 17.81 GRM

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157 West Ash Avenue

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