With increased demand from renters, Los Angeles’ multifamily market continues to perform well. Because of that, properties continue to draw interest from investors. One multifamily property in the Pico-Robertson neighborhood recently hit the market, offering more opportunities for investors to acquire commercial real estate in the tight market. According to a listing from Marcus & Millichap, the 15-unit apartment building has been listed for $12.8 million, making for a unit price of more than $853,333.
Located at 858 S. Bedford Drive, the four-story building totals 21,671 square feet. The property was initially built in 2009 and is currently owned by 858 Bedford Property LLC, which is associated with Richard Solomon, according to property records.
The property consists of a mix of unit types, including one studio unit, seven two-bedroom units, six three-bedroom units and a larger three-bedroom penthouse space.
Units also feature central AC and heating, double sinks and large balconies. Further, The parking garage includes 35 parking spaces, with seven electric car charging stations.
The property is located just outside Beverly Hills, several blocks from La Cienega Park. Nearby Robertson and Wilshire Boulevards also offer a variety of shopping and dining amenities. The area is also fairly residential, with a number of multifamily and single family homes surrounding the property.
In general, the multifamily market in Los Angeles has remained strong with high demand throughout the second quarter of the year. According to a second quarter Los Angeles multifamily market report from Marcus & MIllichap, renters have absorbed 43,300 units in Los Angeles during the past four quarters, reducing vacancy to 1.9 percent. At the same time, rental rates have increased by 16.9 percent to an average of $2,649 per month.
