Just Sold: 9715 Charnock Avenue – 15-Unit Apartment Building in Palms, CA

JML Real Estate Group / Sherman and Levine of KW Commercial are pleased to announce the successful sale of 9715 Charnock Avenue, Palms, CA 90034, a 15-unit multifamily apartment building located in one of West Los Angeles’ most desirable rental markets.

The property sold off market for $4,600,000 — full asking price — with no credits or retrades during escrow.

Through our longstanding relationships within the Los Angeles multifamily investment community, we were able to secure this opportunity directly for one of our established clients without the property ever being formally marketed for sale.

9715 Charnock Avenue Sale Details

Sale Price: $4,600,000

Units: 15

Year Built: 1986

Building Size: Approximately 12,856 SF

Price Per Unit: Approximately $306,667

Price Per Square Foot: Approximately $357

GRM: Approximately 11.96

CAP Rate: Approximately 5.0%

Unit Mix

The property features a desirable mix of one- and two-bedroom units:

• 5 One-Bedroom / One-Bath Units

• 2 Two-Bedroom / One-Bath Units

• 8 Two-Bedroom / Two-Bath Units

The building had been held by the same ownership for many years and represented a rare opportunity to acquire a well-located multifamily asset with additional upside.

A Rare Non-Local-Rent-Controlled Palms Apartment Building

One of the most attractive characteristics of 9715 Charnock Avenue is its 1986 construction, making it a particularly desirable offering within the Los Angeles multifamily market.

The property is not subject to local Los Angeles rent control and is instead subject to California statewide rent regulations under AB 1482.

For multifamily investors evaluating apartment buildings in Los Angeles, newer-vintage properties that are not subject to local rent-control regulations can be especially attractive because of the additional flexibility they may offer compared with older locally rent-controlled properties.

Rental Upside and Value-Add Potential

At the time of the sale, the property offered meaningful potential for future income growth.

The building included one vacant unit, along with additional upside in several of the existing rents. This provided the buyer with an opportunity to improve operating performance over time while maintaining ownership of an asset in a highly desirable West Los Angeles location.

The property also benefited from a new roof, reducing one of the major near-term capital expenditure concerns commonly associated with older apartment buildings.

Why Palms Multifamily Remains in High Demand

Palms continues to be one of the most sought-after multifamily investment markets on Los Angeles’ Westside.

Its central location provides convenient access to Culver City, Mar Vista, Century City, Santa Monica, UCLA, Silicon Beach and greater West Los Angeles, creating consistent rental demand from tenants looking for centrally located housing.

Palms, Culver City and Mar Vista continue to attract multifamily investors because of their strong renter demographics, limited supply of apartment buildings for sale and long-term desirability.

Well-located apartment buildings with desirable unit mixes, parking, rental upside and favorable regulatory characteristics can generate significant investor interest — particularly when opportunities become available off market.

Off-Market Los Angeles Apartment Building Opportunities

The sale of 9715 Charnock Avenue is another example of how relationships can create opportunities that never reach the open market.

Because of our relationships with apartment building owners, investors, brokers and buyers throughout Los Angeles, JML Real Estate Group / Sherman and Levine  regularly becomes aware of potential transactions before they are publicly marketed.

In this case, we were able to identify and secure the property off market for an established client, negotiate a full-price transaction and successfully close escrow without any price reductions, credits or retrades.

For experienced investors, access to off-market apartment buildings can be extremely valuable, particularly in highly competitive areas such as Palms, Culver City, Mar Vista, Studio City, Sherman Oaks and other desirable Los Angeles multifamily submarkets.

Thinking About Selling an Apartment Building in Palms or West Los Angeles?

If you own an apartment building in Palms, Culver City, Mar Vista or anywhere throughout Los Angeles County, understanding your property's current market value is an important first step whether you are considering selling today or simply planning for the future.

At JML Real Estate Group, our approach is straightforward: honest valuations, sophisticated underwriting and a pressure-free process.

We work with apartment building owners to evaluate current income, expenses, comparable sales, rent upside, property condition and current investor demand to determine a realistic market value and selling strategy.

Depending on the property and seller's objectives, that strategy may include a confidential off-market sale or a comprehensive public marketing campaign designed to create maximum exposure and competition.

If you are considering selling an apartment building or would simply like to know what your property may be worth in today's market, contact JML Real Estate Group / KW Commercial Calabasas for a confidential Broker Opinion of Value.

818.6576556 Direct or jared@jaredmlevine.com Email or Free Property Evaluation

Recently Sold: 9715 Charnock Avenue, Palms, CA 90034

15 Units | $4,600,000 | Full Price | Off-Market Sale