West Hollywood multifamily property sells for $561 per square foot

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A four-unit apartment building, located at 8904 Rangely Avenue in West Hollywood, California, has sold for $1,950,000 or $561 per square foot, well above the market average. The buyer was Rangely Partners, LLC, a Los Angeles area real estate investor. The seller was a private investor. Kidder Mathews commercial real estate broker, Michael Monempour, represented both parties in the transaction.

The apartment building is part of the Norma Triangle neighborhood, an upscale residential area with nearby restaurants, shopping, and nightclubs.

“This property was unique in the fact that it featured a large owner’s unit. As opposed to most rent-controlled apartment sales in West Hollywood, the property’s rents were closer to market value at only 16 percent below market rent,” said Monempour.

About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with over 750 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $9 billion in transactions, manages over 51 million square feet of space, and conducts 1,600 appraisals annually. For more information, visit kidder.com.

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