Paid $4.95 Million in 2014. The Building Just Sold for $4.965 Million.
Apartment values have fallen 20% to 30% from their peak in parts of the market. I think this reset could create one of the best buying chances in years. This West LA sale shows why I am doing my research.
At a glance
closed Oct 9, 2026
initial ask
5.4% below ask
unit mix not disclosed
per door
on 14,298 gross SF
post-RSO, AB 1482 applies
LAR3 zoning
avg unit ~1,430 SF
built near lot capacity
no T-12 or rent roll on file
Measure ULA tax does not apply
What matters
- Almost the same price after 12 years.$4.95 million purchase in 2014. The building just sold for $4.965 million. That is only $15,000 more. This happening while the stock market went up 3 fold.
- The listed income puts the return near 6%The listing shows $290,818 NOI. At the sale price, that works out to a 5.86% cap rate. Perhaps the new owner can get a few rent increases and find a way to drive down maintenance costs to get this over a 6 Cap.
- AB1482The building was built in 1988, is outside RSO and is AB1482 allowing for almost 10% rent increases.
- The condo map could add value.The listing says a final map for 10 condos is already recorded. I love this part about it because this is where the upside value is. The new owner can work on raising rents by 10% , vacating units and then start selling these Condos. They can probably sell 8 of them to pay off the purchase price and keep two for free.
Deal Box
Property: 1524 Granville Avenue
Area: Sawtelle, West Los Angeles
Sale price: $4,965,000
Asking price: $5,250,000
Apartments: 10
Unit mix: Seven 2 bedroom units and three 3 bedroom penthouses
Building size: 14,298 square feet
Average size: About 1,430 square feet per unit, as stated in the listing
Condo value Per unit could be $700,000-$800,000 each.
Operator Takeaway
Same price. Twelve years later.
That gets my attention.
A $4.95 million purchase in 2014. The building just sold for $4.965 million.
The buyer paid $496,500 per apartment and about $347 per square foot of building. I think the condos individually are worth $700,000 each.
The listing shows $290,818 a year left after operating costs. Divide that by the $4.965 million price, and the listed cap rate is 5.86%. That is before loan payments and major repairs.
I think that a new owner can also drive down maintenance costs by getting ahead of repairs, perhaps also driving down insurance costs by putting the asset as part of a group insurance.
This is a simple deal. Nothing that needs more of a deep dive. Bottom line its AB1482, going in 6 Cap + Condo Map play to sell and keep a few condos for free.
The Brokers Got it Done
Jonathan Taksa of RE/MAX Commercial & Investment Realty and Jake Glaser of Lyon Stahl Investment Real Estate represented the seller, according to the supplied records.
Jonathan Taksa
310.968.5303
jon@taksainvestment.com
CA DRE 01366169
Jake Glaser
310.494.6368
jake@lyonstahl.com
CA DRE 02128816
The MLS lists Kelly Brennan of Serhant California, Inc. on the buyer’s side. CoStar does not identify a buyer broker in the supplied data.
Photo credit: RE/MAX Commercial & Investment Realty.
Write to David Safai at David@AtlasBrief.La
Appeared in the Oct. 13, 2026 edition of The Tape.