The Tape
217 S Avenue 54Sold
$168K a Door. Rents 43% Below Market. Buyers Showed Up on Day One.
Eric Dilanian, RE/MAX Commercial’s No. 2 U.S. individual commercial agent for January–June 2026, sold this 17-unit Highland Park building for $2.85 million.
At a glance
recorded June 12, 2026
unit mix not disclosed
per door
13,223 gross SF
at close, actual
at close, actual
What matters
- Ten tours, day-one offersMultiple offers, 10+ tours and non-contingent offers on day 1 on all three listings.
- $2.85M, about $168K a door17 units, listed at $3 million, into escrow in 28 days.
- Rents about 43% below marketAbout $22,627 a month today vs. the broker's $39,950 market estimate.
- 8 of 14 closings All CASH. This is getting my attention. Is it possible that cash investors show up buying, adding value and refinancing later?
Deal stats
Sale Price
$2,850,000
recorded June 12, 2026
Units
17
unit mix not disclosed
Price / Unit
$167,647
per door
Price / SF
$215/SF
13,223 gross SF
CAP (Current)
5.41%
at close, actual
GRM (Current)
10.23
at close, actual
Year Built
1964
RSO / LARSO applies
Lot SF
15,316
0.35 acres · 48.3 units/acre
Avg Unit SF
778 SF
implied from gross SF
Implied Monthly Rent
$1,366/door
derived from GRM and price
What an Operator Sees
The team that got it doneEric Dilanian, Vice President of Investments, RE/MAX Commercial & Investment Realty. 213.233.4379, ericdilanian@remaxcir.com. Eric represented the seller on all three buildings. Buyer brokers: Not reported.
Eric is the #2 RE/MAX Commercial agent in the nation, and this sale shows why.
This got multiple offers on day one in this market and I want to know who is buying and why.
So I asked Eric Dilanian about his sale of 217 S. Avenue 54 in Highland Park.
The 17-unit building sold for $2.85 million on June 12, 2026, or approximately $167,647 per apartment and $215 per square foot.
It was listed at $3 million and entered escrow in 28 days.
It was One seller, three Highland Park buildings, and three different buyers.
Eric described the response:
“Multiple offers on all buildings, up to 10+ tours on all 3 buildings, non-contingent offers on day 1 on all 3 listings.”
That got my attention. Buyers were touring the properties and putting offers in writing immediately.
The seller was leaving. The buyer already knew the neighborhood.
When I asked why the seller was selling, Eric's answer:
“Trading out of state”
The seller had owned the Avenue 54 property for approximately 17 years. The three buildings ultimately sold for a combined $6.6 million.
The Avenue 54 buyer is a local investor who already owns in Highland Park and elsewhere around Los Angeles.
Eric summed up the buyer’s view:
“Strong outlook on the area”
An existing local owner knows the neighborhood, the tenants, the operating costs, and what it takes to manage a building here. This buyer is going to find ways to increase rent and lower costs and in 5-10 years from now own this at an 8-10 cap.
At $168,000 a door.
The property traded at a reported 5.41% cap rate on current operations although digging in, I can see this going up.
According to the #'s given, rents total approximately $22,627, compared with the broker’s market rents of $39,950. Even if the investor can get it to $35,000, they have turned their investment into a 7 GRM on cost.
This is a 1964 building subject to LA’s rent rules, with some long-term residents. The owner needs to work their way into doing some cash for keys and upgrading units.
Eric also shared a financing detail. He said the buyer:
“locked in a rate in the 5’s in March-ish”
The buyer is not planning ADUs.
Eight of Eric’s last 14 closings were all cash.
I also asked Eric where the money is coming from.
“Of the 14 deals I’ve closed in the last 9 months, 8 closings have been all cash. Rest financed with bridge to add value and some conventional.”
That is Eric’s deal flow, rather than a survey of the entire market. But it tells me something useful about the buyers getting transactions done.
Some are bringing cash.
There is still capital willing to buy when the property and the price make sense.
His view on rates is worth hearing, too.
When I asked where he thinks interest rates are headed, Eric said:
“Staying elevated for some time, not sure how long, until a few macro-economic level things give.”
What I like about this sale is straightforward. An experienced local buyer paid roughly $168,000 a door for apartments in a neighborhood he already knows, with room for the income to improve over time.
And the early activity across all three listings gives me something positive to point to in Los Angeles: buyers are still showing up, writing offers, and closing.
I asked Eric what he was seeing. Those are answers I’m glad I heard.
Listing broker: Eric Dilanian, RE/MAX Commercial & Investment Realty. Transaction and property figures are based on the supplied deal materials; direct quotes are from Dilanian’s written responses to Atlas Brief. Market rents are broker estimates.
Write to David Safai at David@AtlasBrief.La
Appeared in the Oct. 1, 2026 edition of The Tape.