The property sold for a gross rent multiplier of 8.25, among the highest GRMs in the Canoga Park market, Dean Zander of Hendricks & Partners tells GlobeSt.com.
Zander, who represented both parties in the sale, says the complex was built in 1972 and is under rent control, but rents are below market and the buyer, who acquired the building in a 10-31 exchange, has potential to boost value through rent increases. The property includes 33 one-bedroom and five two-bedroom units.
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