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Marcus & Millichap has completed the sale of a 16-unit multifamily property at 1476 S Shenandoah St. in Los Angeles’ Pico-Robertson neighborhood. The 1966-built apartment building traded for $5.3 million, which equates to $334,937 per unit.
The asset totals 17,653 square feet and is located on a 0.30-acre parcel, positioning it within a dense, established residential pocket of Los Angeles. According to Marcus & Millichap, properties of this type infrequently come to market in Pico-Robertson, particularly those that have been controlled by the same ownership group for more than two decades.
Sam Liberow, senior managing director investments in Marcus & Millichap’s Encino office, led the marketing effort for the seller, 1476 Shenandoah Street LLC. The offering followed 23 years of ownership and attracted six competitive offers, underscoring investor interest in well-located multifamily assets featuring larger floor plans.
Liberow also procured the buyer, described as a local owner and operator. The buyer’s business plan calls for renovating units as they become available through natural tenant turnover, with the intention of holding the property as a long-term investment. No additional details on the renovation scope or timing were disclosed.
The sale illustrates continued investor demand for stabilized, infill multifamily properties in Los Angeles neighborhoods such as Pico-Robertson, where limited transaction volume and long-term ownership can restrict the supply of available assets. Marketing and execution were handled entirely by Marcus & Millichap, which represented the seller and sourced the local buyer in a competitive bidding process.
Further financial terms beyond the sale price and price per unit were not provided, and neither the buyer’s name nor any debt financing details were disclosed. However, the combination of multiple offers, long-term hold strategy and planned unit renovations indicates that the property is viewed as a durable income-producing asset within the local multifamily market.
The post Local Buyer Acquires 16-Unit Pico-Robertson Multifamily Property for $5.3 Million appeared first on CRE Market Beat.
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