Marcus & Millichap Brokers the Sale of a Seven-Unit Apartment Building in Atwater Village

LOS ANGELES, October 29th, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 3278-84 Casitas Avenue, a seven-unit apartment property located in the Atwater Village submarket in California. The asset sold for $2.175 million, or $310,714 per unit and $706.17 per square foot. The cap rate was 4.96% and the gross rent multiplier was 13.21.

"This rare Atwater Village sale sold for the highest price per square foot in the 90039 zip code over the past 2 years for multifamily properties of 5 or more units each," said Jason Tuvia, senior managing director in Marcus & Millichap's Encino office. Tuvia oversaw the property transaction on behalf of the seller. The buyer was a 1031 exchange buyer who sold a property in Atlanta, Georgia.

Built in 1923, the property is situated in a prime Atwater Village location. The Spanish style asset consists of a streamlined unit mix of seven one-bedroom/one-bath units with seven individual parking garages.

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About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.