L.A. Apartment Property from 1926 Sells for $414k/Unit

The Monroe Apartments & Bungalows, a two-building, eight-unit apartment property in Los Angeles, sold for $3.31 million.

Published by: RentTV

The property is located at 4018 Monroe St, south of Santa Monica Blvd and just east of Virgil Ave, adjacent to the city’s Silver Lake neighborhood.

The 4.9k sf property, originally constructed in 1926, recently underwent a full renovation and sold for a per-unit price of $413,750 and a price per square foot of approximately $676. It was purchased by a SoCal investment group.

The property was sold by L.A.-based Dunleer, who completed a major property transformation in 2016 that entailed taking the interior down to the studs and creating new upgraded units. It also included a full exterior renovation with new landscaping, and a backyard lounge and barbeque area with seating.

The renovated unit interiors feature new kitchens with stainless-steel appliances, quartz countertops and backsplash, in-unit washers and dryers, new bathrooms, upgraded hardware, open floor plan, and large windows showcasing spectacular city and mountain views of the Hollywood Hills including the landmark Hollywood sign, Griffith Park Observatory.

Dunleer was represented by Mark Ventre and Darin Beebower of Stepp Commercial. The buyer was procured by the seller.

BJ Turner, Founder of Dunleer, reports that this deal completes the final property sale in a total of four Los Angeles-area apartment assets valued at $15.49 mil – the first three assets were sold to the buyer in late February.