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Marcus & Millichap, a leading commercial real estate firm, recently announced the successful sale of 8514 Sherwood Dr., a twelve-unit apartment property located in West Hollywood’s Tri-West submarket. The property was sold for $3.95 million at an average price of $329,167 per unit with a cap rate of 4.85% and gross rent multiplier of 14.38.

According to Jason Tuvia, senior managing director at Marcus & Millichap’s Encino office who handled the marketing on behalf of the undisclosed seller, the buyer has agreed to complete necessary soft-story retrofitting and multiple rents were found to be below $600 per month.

The value-add property was built in 1957 and is subject to West Hollywood’s rent control laws.