West Hollywood–May 18, 2017– Berkadia announced today the sale of 8261 Fountain Avenue, located at 8261 Fountain Avenue in West Hollywood, California. Adrienne Barr of Berkadia’s West Los Angeles office negotiated the transaction on behalf of the seller. 8261 Fountain Avenue sold for $2,550,000 at a 2.35% percent cap rate on May 10, 2017, after 27 offers were received. The sales price reflects a price of $315 per square foot.
Built in the 1950’s, the 10-unit property is situated on a 8,095 +/- SF lot that features a mix of studios, one- and two-bedrooms, along with 10 covered parking spaces, tenant storage and on-site laundry.
The buyers, who live in the Los Angeles area, were attracted to the rental upside and generous lot size of the property, in addition to the prime West Hollywood location.