A well-located 7-Unit property in Mar Vista sells to new entrant to the LA multifamily market.
Just successfully closed our listing located at 12400 Mitchell Avenue – a 7-unit multifamily property located in the heart of Mar Vista which is one of West Los Angeles’s most desirable and supply-constrained rental submarkets.
This sale marks the end of long-term family ownership, underscoring the continued generational transition we are seeing across these types of properties. The property was brought to market through a competitive marketing campaign that generated multiple qualified offers from a wide range of investors.
The Listing and Sale Process
- Our marketing strategy focused on exposing the property to a broad buyer pool, and we attracted interest from a wide variety of purchaser types – including legacy family owners, local operators, and 1031 exchange Buyers. The combination of strong fundamentals, excellent Westside location, and overall basis allowed us to generate tremendous interest in the listing.
- Ultimately, the property was acquired by a new entrant to the Los Angeles multifamily market, demonstrating that investor appetite remains strong for well-located assets with tangible value-add opportunities.
Submarket Insight | Mar Vista
- Despite a higher-rate environment, Westside submarkets like Mar Vista continue to outperform due to their low vacancy rates, affluent tenant base, limited new supply and proximity to neighboring areas like West LA and Venice. Investors remain active in pursuing smaller assets with long-term upside potential — particularly those offering the ability to reset rents through natural turnover.
Final Sale Metrics
- Final Sale Price: $1,700,000
- Price per Unit: $242,000/Unit
- Price per SF: $337/SF
- GRM: 11.4x
- Cap Rate: 5.1%
- 6 Offers Generated through the listing process
