West Hollywood Multifamily Property Sells for $4.5M
The 9-unit property at 1346 N Stanley Avenue in West Hollywood was sold for $4.5M, or $500,000 per unit.
A 10,483 SF multifamily property located at 1346 N Stanley Avenue in West Hollywood has been sold for 4.5M, or 429.27 per square foot. The property was delivered nearly 80% vacant, and sold for $500,000 per unit. The buyer and seller have not been disclosed.
The property is a 9-unit multifamily building located in the heart of West Hollywood. The units are a mix of one and two-bedroom apartments, and the property features on-site parking and laundry facilities.
Jordan Asheghian and Tony Azzi of The Azzi Group brokered the sale of the property. The Azzi Group is a boutique real estate brokerage firm specializing in the sale of multifamily properties in the Los Angeles area.
The sale of this property is indicative of the strong demand for multifamily properties in West Hollywood and the surrounding areas. Despite the challenges posed by the COVID-19 pandemic, investors are still actively seeking out well-located properties with strong potential for rental income.
The sale also highlights the importance of having a knowledgeable and experienced broker on your side when buying or selling a multifamily property. Jordan Asheghian and Tony Azzi of The Azzi Group were able to successfully navigate the challenges posed by the pandemic and deliver a successful sale for their client.