10240 Commerce Ave, Los Angeles

The LAAA Team of Marcus & Millichap is proud to announce this all-time record braking sale of this 36 unit multifamily property built in 2019 and located at 10240 Commerce Ave in Tujunga, CA.

All Time Record Sale in Tujunga, CA

This sale is the highest sale price ever achieved in the city of Tujunga, CA for any building of any type in history of the city. No building of any type has ever sold for more. Also, this sale is the highest price per square foot and the second highest price per unit ever achieved for a multifamily sale in Tujunga, CA.

Property Overview

This 29,063 square foot building was built in 2019, and it sits on a 0.48 acre lot. This non-rent controlled building contains 36 apartment units which is split into (19) 1 bed / 1 bath units, (14) 2 bed / 2 bath units, and (3) 3 bed / 2 bath units. Also, 3 of the units are restricted for low income housing. The property offers its tenants many amenities including a fitness center, business center, swimming pool, and community recreational room that has a pool table, theatre, and games to enjoy. These brand new large and bright units come with central AC, a washer and dryer, full suite of brand new appliances, hardwood floors, granite countertops, and each unit has a private balcony or patio.

Deal Story

We were first introduced to this deal by our good friend Sevak Keshishian, who runs The SK Group of Marcus & Millichap in the same Encino office as our LAAA Team. Although Sevak is a very successful Senior Vice President at M&M and has sold hundreds of properties himself, he wanted a little extra fire power when competing for this deal because there were other top level agents speaking with the seller at the same time. Since we have sold many new construction properties in the San Fernando Valley recently for great prices, and we have a few other deals ongoing currently in Tujunga, Sevak thought by teaming up with us, the seller's business would be all but solidified. We are thankful to Sevak for bringing us in on this deal, and it seems to have worked out for all of us since we got the property sold at an all-time historic price.

Although the seller's price expectation was higher than we thought was achievable on the open market, we knew of one particular foreign buyer who has purchased multiple new construction buildings from us in the Valley at unbeatable prices. Additionally, this particular buyer only purchases buildings with true all-cash, resulting in him winning most deals that he...