SoldBroker Activity · Entry № 149

SEVEN OFFERS. THEN THE PROBLEMS STARTED.

24 units. $6.2M. 9.4 GRM.  No RSO. The Neema Group Still got it Closed.

PublishedSeptember 2026
StatusSold · Just Closed
DatelineHighland Park, Los Angeles
117 S Avenue 64 hero photo
MARKETING PHOTO VIA THE NEEMA GROUP, MARCUS & MILLICHAP.
Four takeawaysFour things an operator takes away from 117 S Avenue 64.
  1. $6,215,000 closed August 27, 2026.24 units.  $258,958 a door. $455 a foot. Neema Ahadian and Jeff Estrada of The Neema Group at Marcus & Millichap printed a 6.56 cap and a 9.44 GRM.  16 one-beds and 8 two-beds. Fully parked.  A 1031 buyer with a real deadline. The building turned over during marketing and again in escrow. Electrical panels that carriers would not insure. 
  2. Neema Ahadian said: "Seven offers on a non-RSO asset in Highland Park tells you demand for newer-vintage product in Northeast LA hasn't gone anywhere. Buyers are still there for well-located, non-rent-controlled product. .They're just more careful about how they get to the finish line."
  3. Jeff Estrada:"This wasn't a clean, linear process. The building went through turnover during marketing and again during escrow, and it had electrical panels that carriers wouldn't insure. What got the buyer comfortable was that the seller was hands-on and actually managing the building day to day. When questions came up, the buyer was getting real answers from the person running the property, not a third-party manager reading from a report."
  4. They did not hide the panels.Jeff Estrada: "On the panels, we didn't try to talk around it. We put the issue on the table early, worked through the path to a fix with both sides, and kept the transaction on track. Buyers in this market don't expect perfect buildings. They expect to know what they're buying and who they're dealing with." Neema Ahadian: "Representing both sides let us keep everyone aligned when the deal got complicated. A 1031 buyer with a real deadline and a seller who was fully engaged in operations is a combination that closes."
Deal Stats · 117 S Avenue 64
Sale Price
$6,215,000
closed Aug 27, 2026
Units
24
16 × 1BD · 8 × 2BD
Price / Unit
$258,958
per door
Price / SF
$455/SF
gross building SF not confirmed
CAP (Current)
6.56%
at close
GRM (Current)
9.44
at close
Year Built
1989
non-RSO · AB 1482 applies
Implied Gross
$658,369
annual · database implied
Avg Rent (Implied)
$2,286/mo
per unit · database implied
ULA Tax Estimate
$248,600
Measure ULA · above threshold
Sale Type
1031 Exchange
7 offers received
Metering
Separately Metered
fully parked

The AB 1482 on this 1989 Built

The database flags this as non-RSO and AB 1482 applicable. 

What an Operator Sees

Seven offers on a 1989 non-RSO Highland Park twenty-four-unit closed at $258,958 a door with a broker-printed 6.56% cap and 9.44 GRM — after electrical panels that carriers would not insure nearly killed escrow.


Demand for Northeast LA non-RSO is real. Getting from seven offers to one closed 1031 is the part that matters, and it took putting the panel problem on the table early.


For owners and exchangers in Highland Park, the print is not just the cap. Messy assets still trade when the seller is hands-on and the issues are disclosed; clean buildings will get competed, and dirty ones die in escrow if anyone tries to talk around them.


I research these transactions to sharpen my own investment strategy and share what I find so Los Angeles owners, brokers and investors can debate the market with better information.


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Sale information: The Neema Group of Marcus & Millichap.

Brokers
Listing Broker
Neema Ahadian, Jeffrey Estrada
The Neema Group of Marcus & Millichap
    Written from the field

    David Safai, operator, developer, GC.

    Atlas Home Builders, Inc. is a Los Angeles owner-operator and general contractor. If you are a broker with a listing you want an honest read on, send the OM and the T-12 to David@AtlasBrief.La.

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