TOLUCA LAKE, CA, 12/18/2024 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 10611 Landale Ave, a 5-unit apartment property located in Toluca Lake, CA, according to James Brian Markel, regional manager of the firm’s Encino office. The asset sold for $1,400,000.
Glen Scher and Filip Niculete, investment specialists in Marcus & Millichap’s Encino office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, a limited liability company, was secured and represented by Glen Scher and Filip Niculete,
Built in 1951, the 4,114 square foot property sits on a 9,922 square foot lot (0.23 acres), and it boasts a strong unit mix of (3) 1 bed / 1 bath units, (1) studio, and (1) very large 2 bed / 1 bath unit that comes with a living room, dining room, and a den – the den.
10611 Landale St was sold for $280,000 per unit and $340.30 per square foot, at a 5.26% CAP rate and a 12.08 GRM.
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.
