Northmarq announces sale of 10-unit Los Angeles multifamily property for $1.85 million
EL SEGUNDO, Calif. (Feb. 16, 2024) — Northmarq’s El Segundo Multifamily Investment Sales team of Brent Sprenkle, Parker Boehle and Alex Peterson has completed the $1.85 million sale of a 10-unit garden-style multifamily property in Los Angeles. The property was built in 1956 and is located at 811 S. Wilton Place in the Koreatown neighborhood. Northmarq represented the seller who had owned and lived in the property for over 30 years. The buyer was a Los Angeles-based private investor.
“The property had been owned by the same family for over 30 years and they also resided in a unit the entire time,” said Sprenkle. “As the owner considered the property their home and was not aggressively raising rents, the lease rates were severely below market, and the property sold for a very low cap rate.”
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