Multifamily Property in Sherman Oaks Sells for $5.4 Million

Yun Hei Shin, a real estate investor, has purchased a 12-unit multifamily property in Sherman Oaks from Deepak Mehta for 5.4 million. The property, located at 5104 Sepulveda Boulevard, spans 13,124 square feet and was sold at a price per square foot of 411. The purchase price equates to a per unit price of $450,000.

The property was built in 1961 and consists of 12 one-bedroom, one-bathroom units. The property is situated on a 0.27-acre lot and features on-site parking for tenants. The property is located in a desirable area of Sherman Oaks, with easy access to major freeways and public transportation.

The buyer, Yun Hei Shin, is a seasoned real estate investor with a portfolio of multifamily properties throughout Southern California. The seller, Deepak Mehta, is a local real estate developer who has owned the property for several years.

The transaction was brokered by a team from CBRE, led by Senior Vice President John Smith. The CBRE team represented both the buyer and the seller in the transaction. According to John Smith, the property generated significant interest from investors due to its prime location and strong rental history.

The sale of this multifamily property in Sherman Oaks is indicative of the strong demand for multifamily properties in the Los Angeles area. With low vacancy rates and high demand for rental housing, multifamily properties continue to be a popular investment choice for real estate investors. As the market remains competitive, it is likely that we will continue to see strong sales activity in the multifamily sector in the coming months.