4540 Laurel Canyon Blvd, Los Angeles

the successful sale of this 6 unit apartment building located at 4540 Laurel Canyon Blvd in Valley Village.

Property Overview

The property is ideally located just south of the 101 freeway and within one block of the Studio City border. In fact, depending on the map you are looking at, this property could easily be described as being in Studio City, although it is technically in Valley Village

This 6 unit multifamily property, built in 1947, has a total building size of 4,318 SF and sits on a 7,126 SF lot. The building has an attractive unit mix of (1) Studio / 1-Bath unit, (3) 1-Bed / 1-Bath units, and (2) 2-Bed / 1-Bath units.

The rental income was an estimated 31% below market rents, but the property did not need seismic retrofitting which was a plus. Furthermore, this property could be an ideal candidate to build at least one additional ADU at the back of the lot, which we are helping the buyer look into.

Deal Story

We were referred this listing by a Marcus & Millichap colleague of ours, Makan Mostafavi, who asked us to help him sell this deal because he understood the LAAA Team's unmatched

In fact, since the beginning of 2013, the LAAA Team leaders (Filip and Glen) have sold 119 apartment buildings in the San Fernando Valley alone, which combined for a total of 1,718 units and $431M in sales volume. To put this in perspective, these 119 closings over the past 8.5 years average out to 14 apartment buildings closed per year, which is more than 1 closing per month in the San Fernando Valley. Of course, there were many other closings of ours in other parts of LA during this time, but the San Fernando Valley remains one of our strongest markets, if not the strongest.

If you want to see a detailed list of all our San Fernando Valley apartment sales, please

We hit the market in mid February 2021 at a $1,795,000 list price, which was slightly more aggressive than we recommended. However, due to the great state of the market, we agreed to take on the assignment after informing the seller that the property would most likely sell around $1.7M, which ended up being correct.

We quickly received a lot of activity and inquiries, but it was not until a month after the listing where we were able to get a list price reduction to $1,725,000 (our original recommended list price) that we were able to generate multiple offers. After countering all the offers that we received, we were able to get our own exchange buyers to come up to $1.7M and open escrow with...